This proposed change reflects the fact that the law in England and Wales already recognises that 16-year-olds generally have the capacity to make informed decisions. For example, 16-year-olds can legally leave school, enter the workforce, and make certain medical choices – demonstrating a level of maturity that could support early testamentary capacity.
What do the reforms entail?
The proposed reforms aim to give young people greater control over what happens to their assets – particularly those who may be seriously ill. It is also becoming increasingly common for young people to hold significant wealth, and these changes seek to protect this growing demographic.
Gen Z are often the beneficiaries of what is being referred to as “the great wealth transfer”, inheriting directly from baby-boomer grandparents. As a result, many now have valuable assets to safeguard from a younger age, and a stronger need to prepare a valid Will.
While the proposed reforms would empower many young people, the proposals also carry risks. Those at a very young age may be more vulnerable to external influence or coercion when deciding who to include as beneficiaries. This is particularly the case where the child’s parents have separated and one of them may be influencing the affections of the child unfairly against the other.
Families are encouraged to speak to a solicitor if a young person has inherited significant assets or is facing a serious illness. Inheritance planning is not just for the elderly – it can be just as important for younger individuals navigating complex circumstances.
How TWM can help you
At TWM, we’re here to help you take the right steps to protect your estate and plan for the future with confidence.
Our specialist private client solicitors have extensive experience in drafting Wills, advising on the appointment of executors, and supporting families through what can be a challenging time – helping to ease the administrative burden.
To discuss your requirements, please contact our Private Client team today for an initial, no-obligation consultation.
