Myth-busting the common misconceptions we hear about Wills

A Will is one of the most important documents a person will make in their life. It outlines what will happen with your money, property, assets and your wider wishes once you pass away.

Despite a Will’s importance, there are many myths we hear circulating about them, which lead many individuals to believe that they don’t need one until later in life, or at all.

We are here to break those myths and explain why you absolutely need a Will.

‘I am too young to need a Will’

In England and Wales, you can create a Will once you have turned 18 years old, despite being able to many young people believe that they don’t need to worry about making a Will.

Should you get married, have children, buy property or get a divorce, it is important to update your Will right away. We also recommend that people review their Will every five years so it accurately reflects your wishes.

Having a Will in place ensures that your assets will be passed on to the people whom you wish to inherit and that your children will be looked after, as well as ensuring your funeral wishes are met.

Consideration should also be paid to the fact that you must be mentally capable of understanding your actions when you make a Will.

Should you find yourself in a situation where your mental capacity has been impacted, such as in the event of a traumatic brain injury, you will not be able to create a Will once you are older.

‘I don’t have enough assets to create a Will’

Many people believe that if they do not own a home or have significant savings that they don’t have to draft a Will.

This is not the case. Even if the only asset you own is a bank account, you must have a Will in place before you pass away to ensure that your loved ones do not have to pursue lengthy claims after you pass away.

While estates worth £5,000 or less may not attract a probate application fee and some small estates can sometimes be dealt with without a formal grant of probate, dying without a Will can still create uncertainty about who should inherit your assets and who is responsible for administering your estate.

It is also important to consider that a Will is not just a financial document. It should cover who will become the legal guardian of your children, who will look after your pets and what your funeral arrangements will look like.

‘It’s fine, my loved ones will inherit all my assets anyway’

Unfortunately, this is not always the case. If you pass away without a Will, your estate will fall under the rules of intestacy and your assets will be distributed by a strict set of rules.

If this happens, your loved ones may find it more difficult to get your affairs in order. This is because the rules of intestacy will decide how your estate will be shared, not you.

Unmarried partners, for example, do not have an automatic right to inherit under the intestacy rules, regardless of how long they have been together.

Similarly, second marriages and blended families can create complications, particularly where there are children from previous relationships.

Unfortunately, this means that family, friends or charities that you wanted to support may not be entitled to anything.

This makes it important to make a Will to ensure that all of your wishes will be adhered to.

‘I have already made a Will once. That will be fine’

While it is important to ensure that you have a Will in place, it is also imperative that it is updated regularly to reflect your current circumstances.

If you get married, have children, buy property, or get a divorce, update your Will right away. We also recommend reviewing your Will every five years, so it accurately reflects your wishes.

If you get married, your Will is automatically cancelled, but if you get a divorce, your Will remains valid, even though most people assume the opposite.

How can we help?

We understand that a Will can often be a difficult thing to face. However, it is imperative to ensure you have a current Will in place so that your loved ones can be provided for accordingly.

Our Wills and probate team can help you draft a Will that reflects all of your current wishes so that the process can be made easier for loved ones.