Four myths about making a will debunked

People frequently ask why it is necessary to make a will, often assuming that their estate will automatically be distributed the way they would have wished.

In reality, there are certain rules which dictate how a person’s money, property and possessions will be allocated after they die.

Here are some of the most commonly held misconceptions about wills:

1.     “I’m married so my spouse will inherit everything, even if I don’t make a will.”

Unfortunately this is not the case. If you die without making a will, your spouse is only entitled to £250,000 of your money (if you have children), your possessions, any assets held jointly with you, and a life interest in half the remainder of your estate.

2.     “I’m living with my partner so they will inherit everything.”

If you die without making a will and you aren’t married or in a civil partnership, your partner will receive nothing. Unless you take steps to safeguard your wishes, you risk your assets going to someone not of your choosing. In law, there is no such thing as a ‘common law wife’.

3.     “My estate is straightforward so there is no advantage in making a will.”

Your family do not know your intentions and your affairs may be more complicated than you think. If you take into consideration pensions and life assurance, you may own more than you realise. A will guarantees that your assets go to the people you want them to go to, as well as allowing you to limit your loved ones’ exposure to inheritance tax. It can even be used to appoint guardians for your children.

4.     “If a solicitor drafts my will, they have to be the executors.”

This is not the case. You can appoint anyone (preferably over the age of 18) to be your executor and an executor can also be a beneficiary. If you are a business owner it may be better to appoint a professional executor who will be able to make the best decisions about the running of your business after your death.

If you would like more information about making a will, or any other wills or probate matter, please contact the team on 01772 258321.