While most people know they should have a Will, many people have misconceptions about the process and the document itself.
So Katie Chance, from our award-winning Trusts & Estates team, has answered FIVE of the most common misconceptions we come across when discussing a Will:
As most people reading this will probably know, a Will is a document that stipulates where your estate goes when you pass away. It is arguably one of the most important documents you can sign, giving peace of mind that your loved ones will be provided for in the way you want them to be.
However, despite their importance, studies show that over half of adults in the UK do not have a Will (Opinium Survey of 2000 adults – February 2024). The reasons given for not making a Will show there are many misconceptions regarding the need for a Will.
The Misconceptions
1. If I don’t have a Will, my estate will just pass to my next of kin anyway
There is no recognised ‘next of kin’ in law. Without a Will, your estate will pass via the intestacy rules; a hierarchy of people who are entitled to your estate which is governed by legislation. In many cases, it is necessary to appoint a Genealogist to prepare a family tree to determine who is entitled. It may be that your estate passes to a distant relative, or even someone you don’t know exists. In the rare event that no relatives can be found, your estate passes to the Crown.
2. I’m married/in a Civil Partnership so I don’t need a Will
Just because you’re married doesn’t mean your whole estate will pass automatically to your spouse/civil partner. What they receive will depend on the value of your estate and whether you have any children. It is possible that your estate could pass between your spouse/civil partner and your children meaning that your spouse/civil partner may not be provided for in the way that you want them to be.
3. I’m separated, so my ex won’t receive anything
If you are separated, or even if you are in the process of getting divorced, but still legally married then your spouse will still be entitled under the Intestacy Rules. Their entitlement doesn’t end until your divorce is finalised. Therefore, if your wish is that your spouse should not inherit your estate, it is advisable to prepare a Will as soon as possible. The same also applies to Civil Partnerships.
4. I don’t have enough assets to warrant making a Will
Whether you have minimal assets, or you have built up wealth and assets, it is important that those assets pass to the people of your choice and a Will is the only way you can ensure this happens.
Furthermore, a Will isn’t simply about leaving your assets, it can also deal with appointing guardians for your minor children and making provisions for your pets.
5. Making a Will is complicated and expensive
At Talbots Law, we make the process of making a Will as simple and stress free as possible as we recognise that for a lot of clients it can be a difficult subject to discuss. Our specialist team will ensure that we discuss your options without any legal jargon and that your wishes are accurately recorded.
It’s why we’ve won multiple awards for doing it!
Talbots’ fees are also very competitive and we operate on a fixed fee basis so that our prices are clear and fair from the outset.
So, what next?
If you’d like to discuss the creation or amendment of a Will then our Trusts and Estates team are here to help. Simply click here to read more about the process or, if you’re ready to talk to someone, you can call us on 0800 118 1500 or email us on newbusiness@talbotslaw.co.uk
DISCLAIMER
The contents of this blog or any other published by Talbots law cannot be considered as legal advice and should therefore not be acted on without prior consultation with a qualified solicitor or legal professional.