Around 20% of people in official research said that they have no assets to pass on after they die, while about two-thirds of people believe that they are too young to have a will.
These are just some of the many common misconceptions about writing a will. Wills are not just for distributing wealth, but also for making specific funeral arrangements. They're also very useful if you would like to leave something for your unmarried partner or anyone who you aren't directly related to.
Birmingham Live breaks down some of the most common misconceptions when it comes to writing a will.
Wills are for the rich, I don’t have anything to give
While you may not own your own home or have lots money stored away for your loved ones to inherit, you almost definitely have something that is worth giving.
Whether this is some money in the bank, jewellery, or even items that are purely sentimental to you. It is important you make sure the assets you do have are given those you wish.
My family will sort everything between themselves once I’m gone
Unfortunately, if you die without making a Will your family do not have the right to distribute your estate the way you may have hoped. Your estate would pass according to the rules of intestacy, which means the government will write a will for you. To guarantee that your assets pass down to who you want them to, you must have written a will.
Once I have written a will it can’t be changed
This is completely false. As long as you retain the capacity to make a will you are free to change, revoke, or write a new will at any point.
Making a will is morbid
Although the thought may seem daunting, the process of writing a will does not have to be a saddening experience. Making a will can give you peace of mind knowing your affairs will be in order. You will also be sure that your family or those who are important to you will be taken care of.
Wills are for the elderly or the ill
Wills are for everyone over the age 18. A will is also an important and useful document to appoint guardians if you have minor children. It will also ensure that people you're not related to can get a share of your inheritance, whether they are your unmarried partner or your friends.
Making a will is complicated
The law firms we have partnered with for Acorns Make a Will Month are professional and highly skilled Will writers that can help you through every stage. The benefit of seeking professional help is that they will write the Will and deal with HM Land Registry for you.
I don’t need to make a will because I’m married, everything will go to my partner
Without a will, it is not guaranteed that your spouse will inherit your entire estate and assets. A process through the rules of intestacy will determine the distribution of your assets. How much you are worth and whether you have children are factors that will also affect the process.
I already have a will I don’t need a new one
Even if you have already created a will, it is useful to keep it under review every three to five years. This is to make sure that it still matches your personal circumstances and wishes.
My debts will die with me
Unfortunately, this is not true. Any outstanding debts will need to be paid from your estate upon your death. By creating a will, you can direct where your assets will pass on to, so they don’t end up being sold to cover debts unless absolutely necessary.
If I have a power of attorney, I don’t need a will and my attorneys will deal with my estate after death
A lasting power of attorney only allows your attorneys to handle your affairs during your lifetime and will end upon your death. The arrangements of your will are then only valid when you die therefore, creating a Will enables you to decide who deals with your estate.
For funeral notices in your area visit funeral-notices.co.uk
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