Writing a WillFive Myths Busted

By SIMON DAVIES, LLB (Hons)

30 million adults in Britain currently don’t have a Will – that’s over 60% of the population. A Will is the only way to make sure your money, property, possessions and investments (known as your estate) go to the people you care about. Sadly, there are many myths surrounding Will writing that can put people off, so I’ve cleared up five of the most common misconceptions:

“Everything will go to my partner”

No, that’s not always the case. If you're married with children, your spouse doesn't automatically inherit everything. Instead, they'll receive your personal possessions, the first £270,000 and half of the rest. The concept of ‘common law marriage’ is a myth and has no legal basis. If you die without a Will and are unmarried, or have not entered into a civil partnership, then the rules of intestacy are not on your side. These rules mean your estate would be distributed to surviving relatives according to a strict hierarchy.

“It’s

too complicated”

No matter how complex you think your circumstances are, a professional Will writer will be able to advise you every step of the way and handle all the complicated bits like actually writing the Will and dealing with HM Land Registry. They have a wellrehearsed process to follow and will ask all the right questions, making sure your wishes are recorded correctly, giving you the reassurance that the right people and organisations will benefit.

“I don’t have enough money or assets to make it worthwhile”

You may not be rich, you may not own your own home, but you almost definitely have something. Even items that have no real monetary value but are quite sentimental to you. Chances are you’d want to make sure the assets you do have end up in the right hands.

“My debts will die with me”

If only! Unfortunately, it’s not true. When you die with debts outstanding, they will need to be paid from your estate. However, your Will can include specific gifts that will be at less risk of being used to pay debts. You can also protect assets by putting them in a Trust.

“I have a Will – I don’t need a new one”

The best advice is to review your Will every three to five years, or earlier if there has been a change in your circumstances, such as: marriage, divorce, new children or grandchildren, death of a beneficiary, or even coming into some money.

Making a Will is a relative easy and quick process and there is no reason to delay.

Please contact me so I can guide you through the process.

For information on writing a Will, contact Simon Davies at Armour Wills

Tel: 07845 019999

E: simon@armourwills.co.uk www.armourwills.co.uk