Three members of the Private Client team, Kimberley McGhie, Rachel Pang and Charles Wilson have organised the free Zoom webinar determined to change the perception that having a valid and up-to-date Will in place is something that can be put off.
Research undertaken by the polling organisation, Populus, in 2018 found that just eight per cent of 25 to 34-year-olds and seven per cent of 18 to 24-year-olds had a Will.
The webinar, taking place on Thursday 6 August 2020 from 12.30pm to 1.15pm, will cover the reasons why younger generations should make a Will, including what major life events should make them consider putting a Will in place, and advising on what to do with their digital assets and online accounts, to ensure that what matters to them gets left to the right people.
Kimberley said: “It is easy to understand why so few young people have Wills – they are not expecting to die in the years or even decades to come. This means it is something that is very easy to put off as they don’t see it as a priority.
“On top of that, a lot of Millennials and Gen Z’s in London are not homeowners and may think that because of this, they do not have sufficient assets to warrant making a Will.”
Rachel echoes these sentiments and confirms that despite these factors, there are still compelling reasons why young people should consider making a Will.
“While an untimely death is unlikely, it is a possibility and it would devastate those left behind.
“Most are happy to take out insurances against various unlikely events and this is exactly how they should view the process of making a Will.
Charles picks up the theme: “When someone dies without a Will, their money and assets are distributed according to a strict and inflexible formula in the form of the intestacy rules. This can result in perverse outcomes like co-habiting partners being left with nothing,”
He added that Wills do not only deal with financial affairs and assets.
The message is clear: A Will is an opportunity to set out your wishes in relation to matters including who should look after any children you have, what should happen to your possessions and what should be done with your digital accounts and profiles. Preparing a Will is a simple step that can offer vital protection to those you care about in the unlikely event of your death.
Wills should be reviewed every few years and after major life events, such as moving in with a partner, getting married, buying a house or having a child – all things that often happen in people’s 20s and 30s.
They aim to bring a refreshing look at the relevance of Wills to their generation and the importance of getting into the right habits at an early age.
We would encourage anyone of any age who does not have a Will to sign up for our webinar to find out more, but most of all, not to put it off, because as the pandemic has shown one never knows what lies around the corner.
Other topics covered include the importance of Lasting Powers of Attorney, the scope for using trusts and nominations to dispose of work-based benefits tax efficiently and a few words in defence of traditional methods of disposing of assets against a rising tide of modernists who want change for its own sake.
Those wishing to sign-up for the webinar should visit: https://us02web.zoom.us/webinar/register/WN_EMpoL2hyTkWK3TLnUm3HsQ.