It’s #UpdateYourWillWeek! Our very own team member Amy Wardrop, an accredited SFE solicitor, has shared some myths about Wills to dispel throughout the course of this week.
Why is it important to do this? Recent research from SFE reveals 47% of UK people haven’t updated their Will in more than five years. This means nearly half of all Wills are likely to be out of date. This could possibly be due to some public misconceptions about the validity of Wills and how often they should be updated. There seems to be an incorrect consensus in the UK that a Will is written only once when you’re older, and it works until your death – this is simply not true. Read on for common myths on Wills, and why you should check your Will is still applicable to your family’s situation.
Here are 7 Common Myths about Wills
My Spouse/Civil Partner Will Get Everything, so I Don’t Need a Will
Not necessarily! Scottish law determines what they are entitled to. Your spouse/civil partner will get a certain amount from your estate, and anything left over will go to your children or other family members.
My Stepchildren Will be Entitled to Inherit My Estate
Your stepchildren will not be entitled to anything from your estate unless you specifically name them as a beneficiary in your Will.
My Long-Term Partner Will Receive Their Share of Inheritance
Regardless of how long you’ve been together, unmarried partners have no automatic rights to inherit. If you die without a Will, your partner will have 6-months to raise a claim against your estate, and it will be at the Court’s discretion to decide what they should inherit, if anything.
I Should Only Think About a Will in My Later Years
We believe you are never too young to make a Will. It can assist loved ones in dealing with your estate and can include provisions for any young dependents you may have, such as who should look after them if you die before your time.
I’ve Already Made a Will, so I Don’t Have to Worry
We recommend you review your Will every 3 years, or after any significant life event, to ensure that your Will always accurately reflects your wishes and current circumstances. Even if your loved ones know your Will is out of date, your Executors are bound to follow its terms. The beneficiaries of your Will could agree to alter the distribution of the estate, but this can because delay and additional expense.
Having a POA Means My Attorney Deals With Matters After My Death
The Power of Attorney ends upon your death. You would need a Will which appoints an Executor to deal with your estate.
Making a Will is Expensive & Takes a Long Time
Not with Friends Legal! Our Will packages start from just £95 and can be drafted in 5 working days. Plus, we offer discounts for Mirror Wills and Wills with a Power of Attorney.
Think You Should Update Your Will?
You need to make sure your Will is up-to-date and reflects your current wishes, otherwise your family make not be as protected as you expect. If you are at all unsure if your changing family dynamic warrants a Will review, contact our friendly team to speak to our solicitors and get the answers you need free of charge. Call us now on 0333 3580 583.
