Death isn’t something most people want to think about or have to plan for, but having a Will is an important preparation to protect finances and provide for loved ones after death. Even if most people think they are too young to write a Will, or that they have no assets to leave behind, there are many reasons to consider writing a Will. Common misconceptions can often stop some from writing a Will.
We will now look at the biggest myths about writing a Will and we will tackle why people often put off writing it.
“My spouse will inherit all my assets”
Even if you are married, it does not necessarily mean your husband or wife will automatically inherit all assets after your death. When you die without a Will, the laws of intestacy apply. That means that your estate will be shared in a strict order dictated by the law. The survivor might find themselves owning their property with their children which might bring about some unwanted consequences. Unmarried, partner will not inherit under the intestacy rules although they have a claim against the estate.
“My family will look after my children”
While we want to think this is an obvious choice after a parent dies, it is not always the case. If you do not write a Will, there is no guarantee as who will look after any children you have who are under 18 years old. Even if there is a good candidate for a guardian among your friends or family, disputes might arise which can be resolved by appointing the guardian of your choice in your Will.
“I don’t have anything to give”
Even if you do not own property at present, review your situation every five to ten years to see whether your circumstances have changed. If you inherit property, that is the best time to have a Will drafted for you to reflect that change.
“Once you write a Will, it cannot be changed”
You can change your Will at any time as long as you have capacity. Personal circumstances change as time passes by and your personal wishes may change too. Reviewing your Will will ensure that it reflects your circumstances at any point in time.
“It is too complicated to make a Will”
While some think that creating a Will is an expensive process or is too time-consuming, it can actually be less work and less money than the cost and time involved if you don’t have one.
Will and Trust Expertise with Elizabeth Middleton Solicitors
While the thought of writing a Will may be daunting, it does not have to be a disheartening experience and we can offer you peace of mind that we will look after you during the process.
Elizabeth Middleton Solicitors are here for you with an experienced and considerate team to guide you through making a Will or trust. Contact us today for more information and let us help you create a plan for the future.