Almost all future planning, including will writing, in this day and age, can seem complicated. There are so many options for you and many decisions that you need to make. Decisions that not only take your best interest into account but also those of your loved ones. In this article, I will debunk 4 urban myths about Will writing and help you navigate this topic.
Myth 1. My partner will inherit everything if I pass without a Will.
The first myth about Will writing is the belief that your partner will automatically inherit your entire Estate. This may seem to be logical, but there is a bit more to it than that.
If you are married or in a civil partnership, your other half will be the main beneficiary. However, if you have children, your spouse will only receive:
- The first £250,00 from your Estate
- Life interest in half of the rest of your Estate
- Your personal assets and possessions such as jewellery and sundries etc.
Then your children will receive the other half of the estate in equal shares. This is not tax-efficient if your children are set to receive over £500,000 each from your estate.
Additionally, if you are co-habiting and not legally wed, your partner is not automatically entitled to inherit anything. This will be the case unless you clearly state intentions in your Will.
So, save your family the confusion, and perhaps unnecessary inheritance tax, and have a Will professionally written, contact us here.
Myth 2. I can amend my Will myself
Another common myth about Will writing is that if you have an official Will made, and your circumstances change, you can simply write over it or attach amendments to it. The truth is: Any modifications made to the Will document, invalidates it. Once a Will is signed and witnessed, it must stay as it is.
If your circumstances change, you must add a Codicil, which must also be signed and witnessed. But the safer course of action would be to have an amendment made by a professional Will writer. You can see my amendment price list here.
Myth 3. Writing your own Will is just as valid
While this is technically true as in there is no law against your writing your own Will – it does open up a minefield of potential problems. Firstly, any mistake can cause ambiguity after your passing, and lead to costly disputes for your beneficiaries when you pass, just like in the cases of Audrey Hepburn and Aretha Franklin.
Secondly, if you write your own Will, you will not be protected in the case of any problems with invalidity. Will writers and Solicitors can vouch for the validity of your Will if a dispute is raised. Additionally, in the rare case of something going wrong, they have insurance to deal with any financial consequences. However, if you write your own, you are on your own.
Take the safer option, and get your Will written by me.
Myth 4. I can leave my Will until I’m old
This may be a morbid topic, but we never know what’s around the corner. There are cases of celebrities such as Paul Walker, who planned ahead, and the distribution of his Estate went smoothly.
Don’t leave it too late. I pride myself on being approachable and helpful, especially for such a difficult topic. You can get in touch with me here.