Ten myths about Wills
Many people pass away without having a Will in place. People think they either don’t need a Will because their assets will automatically pass to their loved ones or don’t update it following a change in their personal circumstances. Here are ten myths about Wills.
1. I don’t need a Will because I am married
If someone dies without making a Will the surviving spouse or civil partner does not automatically inherit the whole of the estate. It depends on the deceased’s circumstances, assets and the size of the estate. If assets are held jointly, they may pass automatically to the surviving spouse or civil partner. If the deceased had children and the estate in the deceased’s sole name is over £322,000 then the surviving spouse or civil partner will receive £322,000 and the personal possessions and then half of the remaining balance and the other half will pass to the deceased’s children.
2. I live with my partner and have a “common law” marriage
A “common law” marriage does not exist. If a deceased person has not made a Will an unmarried partner will not inherit from a deceased partner. To inherit, the unmarried partner needs to be named as a beneficiary in the Will.
3. I have a Will in place which was made before I married or entered a civil partnership
If you live with your partner and make a Will and then marry or enter a civil partnership, then this will revoke your Will. To avoid this happening, you should make a Will in contemplation of your intended marriage or civil partnership.
4. If I die without a Will my children will inherit
Children will only inherit if there is no Will and no living surviving spouse or civil partner. The intestacy rules outlined above will apply otherwise.
5. My family Will follow my wishes; I trust them and therefore I do not need a Will
Whilst your family may all get on now, it cannot be guaranteed that they will in the future nor that they will follow you wishes. Without a Will your assets will pass under the rules of intestacy, and this may mean that some family members are left out.
6. Will writing is complex and expensive; I can do it myself
Wills do not need to be complex or expensive. Whilst it is possible to write your own Will, it is important to ensure that it is professionally drawn to ensure your wishes are accurately reflected. It is also important to ensure your Will is executed correctly otherwise this will affect its validity.
7. I don’t have enough assets to need a Will
A Will is important to ensure assets pass to the people whom you wish to benefit, even if your assets are minimal. You might receive an inheritance yourself in the future. A Will can also make provision for guardians for your minor children and make provision for your pets. Your funeral arrangements can be stated, and gifts of sentimental items can be set out.
8. I made a Will years ago and therefore I don’t need to update it
It is sensible to review your Will at least every five years or when your circumstances change. You may no longer need a guardianship clause, or a named beneficiary may have predeceased you.
9. Wills are only for ill or old people
Unfortunately, none of us know when we are going to die. Having a Will in place now will provide you with peace of mind that your assets will pass to whom you wish them to go.
10. I have a Will so it will not need to go through probate
This is not always the case. It depends on the assets and the asset holders’ requirements. Probate is the legal process of administering an estate and ensuring that all debts are paid and all assets are distributed correctly.
Conclusion
Having an up to date Will provides certainty as to who will inherit your estate. It ensures clear instructions are given as to where your assets are to pass. If you do not have a Will in place or it is not up to date, this may lead to disputes and upset within your family.
If you would like to review your Will, you should seek expert advice. Please contact Kathryn Woodward to discuss your requirements.
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