Wills are only for older people or rich people, right? Not true! Believe it or not, you're never really too young to have a will. You also don't have to be worth millions or have huge assets to have a will.
By law, you can have a will from the age of 16, and when you turn 18, you really should have one, because that's when you're no longer a minor and you can own investments and property in your own name.
Nobody likes to think about death, and it's highly unlikely that it will be on your list of considerations when you're in your 20s or 30s. However, a will is one of the most important things you can do for yourself and your loved ones – no matter how young you are, or how few assets you own.
Drafting your will is much less complicated and much quicker than you might think. The simplest wills are often the best wills, so they don't have to be complicated or time-consuming. A specialist can probably draft it for you in an hour or less and it doesn't have to cost you anything - banks and solicitors may charge something for it, but there are wills and estates specialists who don't charge for drafting, changes or preservation of your will.
What is a will for?
Many people think that if you have a funeral plan, you don't need a will, but the two are not the same, so be careful not to confuse them. A will sets out who you want to give your possessions to and makes your wishes clear, while funeral cover is for the immediate costs of a funeral or cremation.
Few people realize that even if your will only says that you leave your things to your parents, brothers or friends, it is better than not having a will at all. Aside from the emotional strain, you run the risk of unnecessary drama among family and friends over who should receive what if you don't leave a will. Dying without a will (intestate) also means that you have no say in what happens to your possessions, because a legal formula is then applied to what you leave behind.
So, even if you don't want to think about death (who does?), consider making a will for the peace of mind of your loved ones and to make life easier for them should something happen to you. It is your choice whether you want to leave them with a chaotic situation at a difficult time in their lives, or rather spare them the trauma.
Also remember your digital assets. Maybe you've tested out cryptocurrencies or you're active on social media. Without writing these details into a will, it can be difficult for your loved ones to access your accounts after you pass away. Imagine you own bitcoin and you cannot leave those funds to a person or cause that matters to you.
It's also a good idea to leave the details of your social media accounts with a trusted friend or family member so they can close them when you're gone, rather than leaving those profiles active. (Some platforms allow you to designate one of your existing contacts to manage your account if you can no longer do it yourself.) It can be very upsetting for those left behind if social media accounts remain open, so it is another way to limit grief for the people you care about.
Aside from possessions and digital assets, you should also think about your health care wishes. If you can't make decisions for yourself, think about who you would trust to make medical decisions that are in line with your wishes.
What would be the other reasons why a young person needs a will?
There are three specific cases where you should seriously consider having a will, even if you are still young:
If you are a parent: Then it is not only essential that you have a will, you must also definitely include a preferred guardian for your child, provide for a children's trust to be established and name the trustees who must manage the funds on behalf of your child .
If you received an inheritance: Your will must confirm who the inheritance should go to if something happens to you.
If your parent or guardian has opened a tax-free savings account in your name: Similar to an inheritance, your will should say to whom these funds should go when you are no longer around.
It's definitely worth having a will – even if you're in your 20s or 30s, and even if you don't own large assets or property. A will can save your family and friends a lot of drama if something were to happen to you, and it ensures that your wishes are carried out. So think about who you would like to leave your possessions to.
In South Africa there are more than 20 million people in their 20s and 30s (Statista Demographic Report 2022). Eksekuteurs for Estates and Wills and Capital Legacy drives awareness among these age groups about the value and importance of having a will. We want to make it simple and accessible to get a valid will in place for people of all ages.
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