Having practised in private client for so long I’ve heard just about every excuse and reason why people don’t need or haven’t got a Will. Here are some of the most common and frustrating myths.
I don’t need a Will – My partner will get everything…
Not True. If you don’t have Will your estate Will pass in accordance with the rules of intestacy. Under these rules, the first £270k will pass to your spouse or civil partner after which any surviving children will benefit in conjunction with your spouse. Other friends and family are likely to receive nothing so it’s best to write a Will to ensure your wishes will be carried out.
My family can sort everything out
This is often a poorly executed plan. The loss of a loved one combined with the complexities of managing the affairs of a loved one can place all sorts of untold stress upon a family. Additionally, we’re more likely to see an increase in the number of disputes where people feel they have a right to inherit with no Will.
I can update my Will myself
Whilst not untrue, this can cause all sorts of problems. Anyone can write their own Will but having someone who knows the law is crucial. That’s where we come in. We can help you with updates to your existing Will. Making changes to your Will yourself can result in your Will being invalidated.
Marriage revokes a Will
This isn’t a Myth but a common misconception. Well-meaning people may not realise that marriage revokes a Will. If you’re planning on getting married then you can write a Will in contemplation of marriage. After you’ve got married, consider writing or re-writing your Will to take into account the life change that’s taken place.
Wills and LPAs aren’t the same things
Wills detail what you would like to happen to your estate after you’ve passed away. A Lasting Power of Attorney deals with matters whilst you’re alive. Both are vital components of a good estate plan. We can help you put both in place.
Making a Will is expensive and complicated
This is the one Myth that frustrates us at SLS. We offer affordable Estate Planning that doesn’t cost the earth. We always provide a detailed plan and solution to your estate planning needs with transparent costs. You’re then free to decide whether or not to go ahead.
My debts die with me
When you pass away your executors will administer your estate and one of their responsibilities will be to pay off any liabilities (debts) prior to the distribution of the estate. This means any money you owe will be paid prior to any gifts being distributed.
Only old people need Wills
Your Will deals with every aspect of your estate. It details funeral wishes. It allows you to appoint guardians for minor children, it deals with digital legacies, and it also deals with your cash and property. All of which are not exclusive to people at a senior age. We could pass away at any time and not having prepared could leave all sorts of trouble for those you leave behind. Creating a Will is the best way to provide instructions about how your estate should be administered, who should look after your children, and how your funeral should be conducted. Additionally, if you’ve got digital assets that you’d like passed one, your Will can make provision for this too.
When you’re ready to make a Will, speak to us. At SLS Wills and More, we make the process of writing your Will as simple as possible. We remove any legal complexities and provide you with a solution to ensure that your estate will pass to those you choose at the appropriate time.