A little bit of background - my mum and dad were killed 2 years ago and they left me the family house and the money from their two lots of life insurance. I get half the money when I'm 21 and the rest when I'm 25.
I wonder if I need or should write a Will? I don't have any brothers or sisters so I was thinking of leaving my money to my four cousins rather than to my aunt's and uncles. Obviously I hope that any Will will not be needed for a long time but you just never know.
I would also like to give a small amount (say £1000) to each of my three best friends from uni - just so they could buy something to remember me by.
Right now, if you die without a will, your estate will go to your aunts and uncles in its entirety, but only after a painful and protracted legal process. I strongly recommend getting a will written, especially since it'll be cheap and quick given how you want to split things.
There's no harm in writing a will at any age, but if you do, I wouldn't spend too long on it - I think it concentrates on all the wrong things in life when you're at a young age, whereas later in life it's a process where you can remember all the great things that you've experienced and in many ways, how your givings will help others to experience the same.
If you have assets you should really consider getting a will drafted, even though you are still young. Its not nice to think about death, but a little forward thinking can save a whole lot of hassle, especially where there is property involved.
Bear in mind that most self-drafted willls aren't worth the paper they are written on and may be invalid at worst and incredibly complicated to execute at best. Its really better if you get it done professionally.
November is Will Aid month, where participating solicitors will draft your will in return for a charitable donation. Might be something worth considering.
sorry about your parents.
Go to a solicitor and get your will drafted. they are your assets so you can give them to whomever you like. Plus in the event of anything happening, it makes it a lot easier to sort out, and you can make sure your friends get something if you want them to.
Seeing as you have significant assets and you would want to leave money to people other than those who the laws of intestacy would give it to (not that you should rely on them - they're a pain) then it would be a Very Good Idea to get a will made. Make sure that your nearest and dearest (aunts & uncles?) know where it's kept - it's normal for both you and your solicitor to keep a copy.
If you don't want to have to pay much to make a will, then there is something called Will Aid where solicitors draw up wills for free, in return for you giving £85 to charity. It happens every November http://www.willaid.org.uk/
As BethaneyJ said, it's one of those things that you don't need until you do - and although some people think it's morbid to think about these things, you could be knocked down by a bus tomorrow, or drop down dead from an undiagnosed heart condition . . . it happens.
I'm in a similar situation, I've recently inherited enough to put a deposit on a house and we're getting a mortgage on the rest.
As the solicitors put it to me, if you've got something to leave, make a will so that you can leave it to who you want to leave it to.
My will has been drafted, just need to make it official. I've kept it simple - any jointly owned property/contents of jointly owned bank accounts etc. goes to my partner (who knows, I may be hit by a bus before we're married), and the rest of whatever assets I have when I pop my clogs (be it £100 or £100,000) is split by % to various people.
Hopefully that will be ok until we have children, then it can be changed accordingly.
It's not to pricey to draw up a will, between £150-£200, but I'd recommend getting it done by a solicitor, rather than one of these "make your own will" packs. You can't put a price on the correct wording, it doesn't take much for a small mistake to mean something else in legal terms.