Common myths about Wills – don’t make these mistakes

Writing a Will can feel like a daunting task, but it’s a necessary one and it’s important to have all the correct information before you start.

This means addressing a number of common myths surrounding Wills which can lead to misunderstandings and potential legal issues further down the line.

Five of these common myths, and the reality behind them, have been laid out below.

• “If I do not have a Will when I die, my assets automatically go to my spouse.”
  Under intestacy (the condition of passing away without a legally valid Will) laws, it is true that a significant portion of your estate may pass to your spouse or civil partner, however, they may not receive everything. The question of who will be entitled to a share of your estate if you have not left a Will becomes ever more complex if you have children, who are also entitled to a share, and complications can arise, especially in the case of blended families. 

• “I don’t need a formal Will because my family knows my wishes.”
  Regardless of whether your family knows your wishes, your estate will default to distribution under intestacy laws without a legally binding Will. This then has the potential to lead to disputes among family members.

• “I can write my own Will without legal help and it will be legally binding.”
  While it is possible to write a DIY Will, they often lead to ambiguities. In order for it to be deemed valid, a Will must follow particular legal requirements, and any failures to meet those requirements can lead to it being contested and to complications arising.

• “I’m covered forever because I made a Will years ago.”
  Whenever a big life event happens for you, for example a marriage, a divorce or having children, or you acquire new assets, it is important to update your Will to reflect your new circumstances. In England and Wales, a Will made before you marry is automatically revoked on marriage. There are steps that can be taken to address this.

• “I don’t need a Will because I don’t have enough assets.”
  Even if you feel your estate is modest, a Will is still important as it ensures that your wishes are followed. These wishes may be with regard to who inherits your belongings, but also who handles your affairs after you are gone (i.e. who becomes the executor of your Will), and who becomes with guardian of your children.

Read our article on top tips for updating your Will.