It can be easy to put off making a will if you’re not entirely sure how it would be of benefit to you. As such, we have put together a list of some of the most common myths about creating a will, so that you can make a more informed decision about your own estate.
I Only Need to Make a Will if I’m Rich
This is an incredibly common misconception – one that is likely perpetuated by films featuring elegant, extended families gathering to hear about the division of sprawling estates and millions of pounds.
In reality, wealth does not determine the difficulties your loved ones could go through in order to inherit what you have promised to them, or what they need in order to survive without you. Your property and finances are subject to the same laws and regulations, which means that your loved ones could face the same trials and complications in the absence of a valid will.
I Am Too Young to Make a Will
This misconception is usually borne of one (or both) of these lines of thinking: either we assume that, as we’re young, we have plenty of time in which to prepare for our passing, or we assume that, due to our age, our estate is not yet significant enough to warrant a will.
In actual fact, this could not be further from the truth. Any money you have, or any property you have purchased – even if just a starter home – must be acknowledged within a valid will. As an adult, you will be subject to the same laws as anyone else, and your wishes for your loved ones are just as important as they will be fifty years from now.
Writing a Will is Complicated
While it is true that, in order to be valid, a will needs to be created under very specific conditions, creating a will needn’t be complicated. Although, these days, it is very easy to order a ‘DIY’ will kit online, this can prove to be a waste of time and effort – and hold significant ramifications further down the line.
Creating a will with the help of an experienced solicitor ensures that the complexities of ensuring its validity are not resting on your shoulders, and that you can feel confident that it will provide the best line of support for your loved ones if you do pass unexpectedly.
Writing a Will is Expensive
Although every will is different, the vast majority of people find that it is a much simpler task than they had imagined. It can be completed incredibly quickly, and needn’t lead to a particularly costly bill from your solicitor.
What’s more, the peace of mind it affords you and your family means that this small investment into their future should not be overlooked.
My Family Would Inherit Everything Automatically
You have likely heard that the rules of intestacy apply to anyone who has not left behind a valid will, and that these rules essentially divide your finances and property between your closest living relatives.
In theory, this should offer a much simpler solution for many people – in practice, however, it can lead to any number of issues.
Even if you have been with your partner for decades, have had children with them, and share property with them, they will not stand to inherit anything under the rules of intestacy unless you are legally married, or in a civil partnership. Similarly, if you have been separated from a spouse for many years, they may still stand to inherit your estate.
There are many instances where the rules of intestacy lead to undesirable outcomes for your loved ones, and could cause significant disruptions within the family. They may even need to contest the will, which will only make life after your passing more difficult.