I’m pretty sure most people are aware of the need to have a will, with messages on the subject regularly reinforced via a steady stream of adverts in newspapers and on social media.
Despite this, many people still don’t follow through and make a will and I think there are probably a number of reasons for this, usually based on incorrect assumptions.
Myth 1: I don’t need a will because I don’t have any assets
If you have a paid salary, bank account, savings of some nature, a property (with or without a mortgage) or personal belongings, you need to make a will.
Myth 2: Everything will just go to my partner anyway
If you pass away without a will, intestacy rules will dictate who inherits your estate and you lose the ability to choose. This means you run the risk of your estate being distributed to the wrong people.
Many people believe their spouse will automatically inherit all of their estate if they die, but it depends on the size and type of estate and other living family members.
Your spouse will only get a fixed amount and the rest will be split equally between your spouse and children who get their share at 18 years of age. At such a vulnerable age that part of the estate may be spent in quick time!
It is worth noting that a partner who you live with, or co-habitee, is not provided for at all if there is no will, regardless of how long you have lived together.
Myth 3: Making a will is complicated, time-consuming and expensive
Making a will doesn’t have to be stressful or expensive. If you ask an expert wills and estates solicitor to prepare your will, he or she will give you professional advice outlining your best options. They will take down all of the relevant details and draft a will for you that stands the test of time.
Myth 4: I’m only young, so I don’t need a will yet
No one wants to think about their own death but if the worst was to happen in terms of an accident or illness none of us wants to cause our family hardship and uncertainty. Putting in place a will makes certain that you have protected your estate for your loved ones and avoided any doubt about your wishes. It is a small investment to bring about peace of mind that nothing has been left to chance.
If you would like more information about how to make a will or need help updating an existing will, get in touch for a chat by phoning 01782 205000 or email me at email@example.com