For many people, the prospect of making a Will isn’t something they are ready to deal with until later in life, or at least until they have accrued substantial financial savings or property. In fact, it’s an unfortunate truth that some people delay planning for their future until it’s too late, putting their loved ones in a tricky situation.
However, recent research indicates that this trend may be changing. Reports have pointed towards the fact that Generation Z – those born between 1995 and 2002 - are making Wills and considering what will happen if they were to pass away, despite having relatively little assets to leave behind to their loved ones.
That raises a number of important questions, namely, why are the younger generation now starting to make Wills? And what are they choosing to leave behind?
Here, we provide answers to those questions and help to contextualise why there is a growing trend of young people who are taking it upon themselves to make Wills.
What is encouraging Gen Z to start making Wills?
It may not come as much of a surprise to learn that the pandemic has had a monumental impact on the way Britons view death and what will happen to our loved ones when we are no longer around.
While that sentiment may be a natural response for the older generation, who are considered to be at higher risk, a study from the online platform Aura actually found that those born between 1995 and 2012 are now more likely to plan for the future.
The platform’s research declared that Gen Z is four times more likely than the baby boomer bracket to make a bucket list and are the most likely to have become scared of dying since the beginning of the pandemic.
These findings follow on from research which was carried out at the end of last year which revealed that the number of Britons under the age of 35 writing Wills was 12 times higher than it was pre-pandemic in December 2019.
What is Gen Z including in their Wills?
While the research itself is interesting, it doesn’t necessarily reveal what the younger generation are leaving behind in their newly created Wills. Typically, valuable assets like property, family heirlooms and even businesses are left behind in Wills, all of which are much less likely to be owned by the younger generation.
It has instead been found that a big motivation for young people in making Wills is to make arrangements for their ‘digital afterlife’, or the legacy left behind on social media and other online services once you have passed away. This could also include insurance and business paperwork, which is stored in the cloud, making it much easier for the right people to access it when the time comes.
This goes to demonstrate that there really is no right or wrong time to make a Will. Even if you think that you don’t have enough assets for it to be worthwhile, there are still a number of other reasons why making a Will as soon as you’re in a position to do so is incredibly important.
Do you need a lawyer to write a Will?
While you do not technically have to work with a lawyer for a Will to be considered legally valid, there are a number of strict legal requirements which must be followed. This means that working with a Wills specialist is strongly recommended, as they can ensure that everything is accounted for and your assets are passed on exactly as you wish.
Creating a Will with a Will specialist guarantees the Will is tailored to your individual circumstances, with no details (such as your digital legacy), being overlooked. The potential for future disputes among your loved ones will also be significantly reduced, which will give you peace of mind that your wishes will be respected.
Do you need advice about making a Will?
If you need advice about making a Will, or any other related matter, our Will specialists in Newport are on hand to lend practical support and guidance.
We offer a free 30-minute consultation either by phone or at our offices, to enable you to make an informed decision as to whether you need to make a Will and, if so, the type of Will that best suits your needs.