Wondering how to write a will, or whether you even need to make one? Here are some of the most common myths about drawing up a will for your estate.
Top 5 Myths About Making a Will
Like making an appointment with the dentist or mowing the grass, drawing up a will is one of those tasks that is all too often put off by many adults across the UK. Whether this deferral is due to a desire not to think about the distant future, or simply due to a misconception about wills themselves, it is important to understand the process so that you are able to secure your loved ones’ futures.
Read more about some of the most commonly believed myths about making a will.
Getting Married Won’t Change My Will
After getting married, your spouse or civil partner will become your closest relative, and the law of intestacy will guide the division of your assets. Even if you have made a will recently, getting married will invalidate its contents, and a new will must be drawn up in order to ensure that your wishes are met.
If you divorce, following a Decree Absolute, the law will treat your ex-spouse as though they had died at the time of divorce, and the rulesof intestacy will apply. This could mean that your estate is not distributed between your loved ones in the way you would like, so drawing up a new will following a divorce is important.
My Family Are Reasonable and Will Sort Things Out Themselves
If you die without a will, then your assets must be shared out according to the laws of intestacy, wherein only your closest relatives inherit. This can put a great deal of strain on a family, as relatives who believe they were entitled to more struggle to reconcile themselves to the fact that they were not entitled to any part of your estate. This often causes significant — and, at times, irreparable — rifts within the family, and should always be avoided.
Only Old or Ill People Need to Make a Will
Wills are essential documents for all adults and putting off the process of making one will only make it feel like more of a chore than it really is. The law of intestacy will always apply to any individual without a will, and this will make things more complicated for your loved ones in the event of your passing.
Making a will needn’t be difficult. Get in touch with an experienced solicitor, such as www.willans.co.uk, sooner rather than later.
When I Die, My Debts Will be Written Off
After your passing, your estate will be used to pay off any outstanding debts you may have left behind. Unless your close relatives were named as co-signers or guarantors, they will not be required to pay off your debts out of their own pocket, but the issue can be made more complicated by the nature of the debt you have, and whether it was secured against anything. You should speak with your solicitor to determine what will happen when you die.
I Can Edit My Will Myself However I Like
It is possible to change a will yourself, as long as you comply with the relevant legal formalities. However, a will is a legally binding document, and after it has been made any changes will need to be made with a separate document, known as a codicil. More extensive revisions — such as those made after a divorce — will require a new will altogether.