In your 20s or 30s

Professional Will Writing Made Easy

Photograph by Martin Neeves Photography www.martinneeves.com

It is never too early in life to get organised but it can often be too late, so always aim to get your planning right first time.

Whether you’re married or in a civil partnership, or just living together, you may already have children, and your own place? Be smart, use your time wisely, and consider laying the foundations for your future through good financial and estate planning.

If you’re going to be successful, take control and plan your future now (no-one is going to do it for you, unless you’re really that fortunate of course). You know what your income is, and by scrutinising your spending, you will quickly spot how and where you can make changes and save money, so cutting out one or two things will make a difference and make your money work harder for you.

Writing a basic Will (which is all about you making your own decisions) is a good starting point because if you don’t, the Government will decide who gets what, and when, if you depart this cherished World –  that wouldn’t be so good, would it…

Your Will appoints your Executors (the people who will handle your Estate when you’ve gone), Guardians to look after your children/minors (until they reach 18) and you can leave legacies to friends, family, charities and so on, but you will probably want the bulk of your money to go to your partner first, and children second.

It is also a good move to give someone you trust, the power to manage your property and affairs and/or your personal welfare in the event that you lose physical or mental capacity, by setting up Lasting Power of Attorney documents. Much better to have one and hope you’ll never need it, rather than the other way around.

And as far as financial planning goes, look into tax-free interest on children’s savings, pay attention to pensions, protect what’s important in life with income protection, life assurance and critical illness cover. Money will always be fairly tight so it is wise to be cautious.

Oh, and have you checked to make sure your parents have protected their estate? It is your inheritance so as likely beneficiaries, you should be talking to them about this and educating them if they haven’t already done so, after all, who will lose out if you don’t? You know it makes sense.