Preparing a will is important for a long list of reasons. With a valid will in place, you can rest safe in the knowledge that the money, property and other assets you spent a lifetime working for are passed onto the right people upon your death.
By preparing a will, you’ll be making provisions for your dependents and the other special people in your life, as well as preventing the unnecessary disputes and hassle that your loved ones don’t need during those difficult weeks, months and years after losing someone.
Despite the many advantages that go hand-in-hand with will writing, almost 60% of British people are still yet to make a will. In this blog post, we take a closer look at the common mistakes and misconceptions that leave people unsure about whether writing a will is right for them.
I’m too young to need a will
According to the same study mentioned above, those aged 18 to 34 are the least prepared. Just 17% of people in this age group had made their final wishes official, with those who hadn’t stating that they were simply too young for will writing to be a priority.
Whatever your age, life stage or current assets, it is always better to have a will in place than not to have one, particularly if you have dependents. Don’t be tempted to go down the DIY route to write your will either. Without the right guidance and support, your will could become invalid.
My blended family will be provided for without a will
Blended or multi-family households are the fastest growing household type of the last 20 years in the UK. With this, you may be thinking your blended family will be provided for appropriately by your estate upon your death just like a more traditional family setup, even without a will in place. The reality, however, is very different.
Unfortunately, the rules of intestacy haven’t been updated to reflect this more modern way of living, which means blended families have very little protection or reassurance during the probate process. By law, unmarried partners and stepchildren have no legal rights to your estate. Spouses and blood relatives instead take precedence.
It’s not just the future of your assets that will be determined by these very outdated rules. The guardianship of your dependents (including your biological children, stepchildren and foster children) will be deciphered by a local authority or court without the direction of a will.
Marriage is all I need to determine exactly where my assets end up
The rights of unmarried partners are non-existent in accordance with intestacy rules, which is why many people marry to ensure some clarity for the handling of their affairs after death. Without a will however marriage is simply not enough to protect your assets, especially if you don’t share any children.
Contrary to popular belief, the spouse doesn’t get everything. With no will in place, your spouse will only be entitled to your personal possessions and the first £450,000 of your estate. The remainder (if there is any) will be split between surviving parents and siblings.
I’m not wealthy enough to worry about will writing
Not being wealthy enough was another reason why the amount of people who have written a will is low. But it’s important to remember that making a will ensures so much more than the future of your money and property.
You don’t need to be rich to benefit from preparing a will. Even items that have no or little financial value deserve to be passed onto the right people.
As Head of Wills, Probate and Trusts at Winn Solicitors, Rebecca Harbron Gray explains:
“Many people avoid writing a will and making plans for death for many years because they think it is a morbid or depressing process. But the truth is often that, once complete, people get a sense of comfort and relief from knowing that they have done all they can to protect and care for their nearest and dearest.
“At Winn Solicitors our team has decades of experience in this specialist field of law and we know how to make it simple and stress-free – no matter how complex your estate or family situation.”
Get help from experts in Will Writing Services today and don’t wait until it’s too late.