We help you by busting myths about Wills! As full members of the Society of Will Writers, who recently published an article about the myths and misunderstandings around Wills, we have prepared a simple summary of the first 5 of these. Next week we will take a look at the others!
Myth 1. “I already have a will – I don’t need a new one”
You already have a will in place. Great! Do you know where it is? Even if you have a will it’s best to keep it under review to make sure that it still matches your personal circumstances. After all, you wouldn’t purchase a car and assume it doesn’t need any maintenance for the rest of your life.
We recommend everyone reviews their will every 3 to 5 years or earlier if your situation changes. You may have got married, divorced, got new children or grandchildren. Some of your those mentioned in your current Will may no longer be able to act or inherit. Or your financial situation could have changed – perhaps you won the Lottery?! There may also have been changed in the law or tax allowances. Reviewing your Will with us allows us to make sure it still works in your best interests.
Myth 2. “Everything will go to my partner anyway”
A dangerous assumption but one that we face every day. For some people this is actually correct, but are you sure it’s true for you? If you die without a will the “rules of intestacy” will apply and your estate will be distributed to surviving relatives by a strict hierarchy.
If you are married or in a civil partnership and you have no children then if you die all of your assets will pass to your spouse or civil partnership. This is also the case for married couples and civil partners who have children but whose estates are valued at less than £250,000. For everyone else the situation is much more complicated.
If you and your partner are unmarried or have not entered into a civil partnership then the rules of intestacy are not your friend. Intestacy doesn’t recognise these relationships so your partner would receive no benefit from your estate. The concept of ‘common law marriage’ is only a myth and has no legal basis.
Myth 3. “Making a will is complicated”
Making a will doesn’t need to be a complicated process. We are fully trained and professional and we see you in the comfort of your own home at a time that suits you. The benefit of using a professional Will Writer is that they will be able to advise you every step of the way and the complicated bits like actually writing the will and dealing with HM Land Registry will all be handled by us for you. We try our best to make sure that making your Will is as easy as possible for you, by removing the jargon and explaining things in a simple way. Giving your instructions for your will can be as simple as having a chat over a nice cup of tea!
Myth 4. “Making a will is morbid”
We don’t like to talk about death. It’s a topic that can make people feel uncomfortable. That doesn’t mean that the process of making a will has to be a solemn affair. We prefer to look at the positive side of writing a will. By putting a will in place you’re giving yourself peace of mind because you’ll know that your affairs will be in order. You’ll also know that your family or those who are important to you will be taken care of. We try our best to make sure that making your Will is as easy as possible for you, by discussing these sensitive topics in your own home, and by providing you some information in advance so you can consider and discuss these important matters before we visit if you prefer.
Myth 5. “Once I’ve written a will it can’t be changed”
This is another one that we hear quite often. There is a general fear that once you have written a will that’s it. Well thankfully that’s not the case! As long as you retain the capacity to make a will you are totally free to revoke it or to write a new will at any point. In fact, we encourage it (see point 1)! And if you take our Document Storage package, we also offer free Will updates!
Come back for more myth busting next week!
In the meantime, check out how we make making Wills simple and affordable here