Written by Jordan Empson
After speaking with the local community, there are a lot of assumptions or myths when it comes to creating a Will. As such, I will try and attempt to debunk at least five myths in this blog below.
- If I do not have a Will, my spouse will receive all my Estate.
Unfortunately, this is not the case. A spouse may receive a share of your Estate but not always everything you own. If you do not have a Will at the time of your passing, your Estate will fall under the ‘Intestacy Rules’. This means that your Estate will be distributed by the rules as set out in legislation, rather than your own wishes.
It is also important to note that the ‘Intestacy Rules’ do not apply to long term partners who are not married or in a civil partnership, therefore, your estate may be distributed between various family members.
- My Executor will have to be a different person to a Beneficiary
An Executor is a person who is responsible for carrying out your wishes as set out in your Will. A Beneficiary is a person who receives funds from the Estate. An Executor is able to inherit (as a beneficiary) from the Estate.
If you wish for an Executor to be an independent person, you can also appoint solicitors to assist with the administration of the Estate. Or, you can provide a cash gift in your Will for the Executor to receive for taking on this role.
- “I am too young to make a Will”
I speak with so many young people who believe that they are too young to think about Wills. It is advisable for any person who owns a property or, have children, to think about writing a Will.
This is because in a Will you are able to appoint a guardian for your children, if anything should happen to you.
Also, a Will will set out who shall receive your property at the time of your passing.
- I have a Lasting Power of Attorney so, that is the same thing, right?
A Lasting Power of Attorney is a document which appoints Attorneys to either assist you with your finances and/or your health. This document is valid for when you are alive but no longer have the capacity to complete various tasks. A Lasting Power of Attorney does not grant your Attorneys the ability to deal with your Estate once, you have passed away. This role is left to the Executors which is specified in a Will.
- I have signed my Will years ago and do not need to think about it anymore
There have been many situations where a Will has been signed and not revised over the years. We always suggest to review your Will to make sure that your circumstances are still the same. If not, then amendments can be made to reflect the changes which have happened in your life.
If you need our assistance in relation to preparing or reviewing a Will, please do not hesitate to contact the Private Client Team.
If you want to know more or want to speak to a member of our team, please get in touch below or call us on 01702 338338.
