Dispelling Common Myths about Wills
Writing a Will is always something put off by many people hopefully the below will provide you with reassurance of the Will process.
“I am too young to need a Will”
Many of the younger generation believe that writing a Will is not relevant to them. Whilst it is a difficult topic to think about and consider, it is very important for people to make Wills. Those of you in the younger generation are more likely to have young families that need protection if you die. A Will also allows you to appoint Guardians for children under 18 years.
“It is expensive to write a Will through a Solicitor”
At Guest Walker & Co we offer fixed fees for drafting straightforward Wills including a special rate if you and your partner are wishing to have “mirror” Wills drafted.
“I don’t need a Will, my spouse will get everything anyway”
This is false. If you die leaving a spouse or civil partner, not having made a Will, you will die intestate. Whilst your spouse or civil partner will be first to receive a share of the estate, the amount they receive will depend on the size of your estate. They may not receive the total estate.
“My “common law” spouse will automatically be taken care of”
This is a common myth. Whilst you live together, if you die having made no Will, your common law spouse is unlikely to inherit anything except in certain circumstances such as a property being owned in joint names as joint tenants.
“I have separated from my spouse so they won’t receive anything”
If you die intestate certainly part, if not all, your estate will automatically pass to your spouse. It is only upon the making of the Decree Absolute in the divorce proceedings that would prevent your spouse from benefiting under the estate.
It is important to ensure you either up date your Will or make a Will upon separation from your spouse.
“My debts die with me”
Any debts left upon your death will need to be paid from your estate. After payment of these the remainder of the estate will then be distributed in accordance with your Will. Student loans are the only exceptions where they are voided upon your death.
According to the Office of National Statistics about 60% of people in England and Wales die intestate, don’t be one of them.
If you wish to make a Will or discuss the above further, please contact our office on 01904 624903 and ask to speak with either Christine Pick or Emma Hartley who will be able to help.