Myths about Wills
Myth 1. Everything will go to my spouse
Sadly no. The Courts will decide who gets what and charge you for the pleasure. It can also take many months to process. A fixed amount goes to the spouse plus joint possessions and the rest is split with the children.
Myth 2. I have no money so I don’t need a Will
Firstly, most people don’t realise how wealthy they are. The average house price in the UK is around £235,000. OK you may have a big mortgage, but most sensible people will have it covered by life insurance. You die wealthy.
Secondly, money is not the only problem you have. Who will look after the children if both parents die? You don’t want the courts appointing someone.
Myth 3. I have Power of Attorney so they can deal with my estate
Lasting Powers of Attorney give power to your ‘attorneys’ to handle you affairs but it only covers the period of a person’s lifetime, after death they are no use
Myth 4. My family will sort everything out
As in myth 1, the government will decide; this can lead to leave great deal of animosity between family members and such disputes can often continue for several years.
Myth 5. I have a Will so I can just update it myself.
The original document must remain untouched. You will need a new Will or an additional legal document called a codicil.
Myth 6. If I get married it won’t affect my Will
The Will is revoked (become invalid) by marriage
Myth 7. I have a common law spouse so they will get everything
Contrary to popular belief, however, common law marriages are not legally recognised in England and Wales. Statutory rights apply only to married couples or civil partnerships.
With no Will the estate will pass to the children or other family members
Myth 8. My debts will die with me
Nope. They must be paid from your estate before any moneys can be passed on
Myth 9. Wills are complicated and expensive.
Using a professional need not be expensive; not cheap but they give you peace of mind and are cheaper than going through Courts if there is no Will.
