We help you by busting myths about Wills! We are full members of the Society of Will Writers, who recently published an article about the myths and misunderstandings around Wills. Last week we summarised the first 5 of these. This week we will take a look at the others!
6. “I need a solicitor to write a will”
While we certainly recommend using a professional to write your will that doesn’t need to be a solicitor. Morecambe Bay Wills and Estates Limited are professional Will Writers who are SWW members which means you can be sure we are properly trained, fully insured, and ultimately safe to do business with.
7. “My family will sort everything out between themselves once I’m gone”
Unfortunately, if you die without a will your family will not be able to distribute your estate however they wish. Your estate would pass according to the rules of intestacy, which is essentially the will that the government has written for you. The only way to guarantee that your assets pass to who you want them to on death is to have a will.
8. “Wills are for the rich – I don’t have anything to give”
Most people have something of value when they die. You may not be rich, you may not own your own home, but you almost definitely have something. Whether this is some money in the bank, jewellery, or even items that have no real monetary value but are quite sentimental to you. Chances are you’d want to make sure the assets you do have end up in the right hands.
9. “My debts will die with me”
Wouldn’t that be nice? Unfortunately, it’s not true. If you die with any debts outstanding these will need to be paid from your estate. Your will can direct where everything left over will pass and can make specific gifts of certain assets, so they won’t fall into the pot to be sold to cover debts unless absolutely necessary.
10. “Wills are for the elderly or the ill”
While a person who is elderly or ill may require a will more urgently, wills are for everyone over 18 with mental capacity. Writing a will shouldn’t be put off as the longer you leave it the more risk there is of it being too late. Even if you are at the other end of the spectrum and are young and healthy you can still benefit from a will, especially if you have minor children. A will isn’t all about distributing your assets on death, it is also an important document to appoint guardians. These are people who you appoint to formally take care of your minor children if you were to die.
Now you know how important Wills are ….
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