A Will is among the most important legal documents someone can sign in their lifetime, but common myths and misconceptions are hoodwinking Brits into not writing one. According to the latest statistics, an alarming 53 per cent of adults have yet to scribe their Last Will and Testament.
In this blog, we are going to debunk the myths and expel the misconceptions and explain why writing a Will could actually save your family time and money.
“Wills are for the wealthy”
Wrong. Wills are for everyone and here’s why.
Assets accumulate over a lifetime. And what may not seem like much now, could be worth a fortune by the time of your death.
Besides, Wills don’t just cover financial bequests. A Will allows you to appoint a legal guardian for your children, state who should look after your business, or even prescribe caring arrangements for pets in the event of your death.
Put simply, a Will takes care of your loved ones after you’re gone, both financially and emotionally.
“Making a Will is expensive!”
This dangerous misconception is convincing Brits to not write a Will, or worse, write one without the support of a legal professional (known as a DIY Will).
A well-crafted Will and proactive estate planning provides loved ones with certainty and clear direction at the time of your death and may help you pass down more of your hard-earned wealth.
A badly written Will, on the other hand, can cause distress and confusion as to how you would like your estate to be distributed or who will look after your children – potentially leading to lengthy and costly legal disputes.
The evidence is clear: spending a small amount of money now could save a lot in the long run.
“My partner will get everything anyway…”
In some cases, yes. But not always.
If you die without a Will, your estate will be handed down by the rules of intestacy. Under these rules, your wealth will be shared out in a strict order based on family connections, starting with your spouse or civil partner and then your children or grandchildren.
This means unmarried or cohabiting partners will not be automatically entitled to anything – no matter how long they have been together.
It could also lead to awkward sharing arrangements between partners and children or grandchildren.
A Will ensures that your estate is distributed exactly as planned.
Put your mind at ease
Our estate planning team is here to help you plan, write, and execute your Will. For help and advice, get in touch today.
Mander Hadley Solicitors is not only a long established firm, but is vibrant and successful, with a forward thinking approach.
Latest posts by Mander Hadley (see all)