I meet with clients on a regular basis and have come across many instances whereby individuals have misconceptions into the making of their Will. Some of the main misconceptions I have come across include the following:
1. Making a Will is only for the wealthy
I have come across situations where individuals and couples feel it is unnecessary to make a Will as their assets do not meet a certain threshold or value. There is no minimum value when it comes to making a Will. Assets typically include property, savings, insurance policies, investments and personal possessions. It is essential that you consider making a Will as you can choose how you wish to divide your estate as well as appointing beneficiaries.
2. Only older individuals need to consider making a Will
Individuals who own assets should consider making a Will. If you wish for certain individuals to inherit from your estate, it is recommended that your wishes be set out in your Will. If you do not have a Will in place and you pass away, your estate will be distributed in accordance with the Rules of Intestacy governed by the Administration of Estates Act 1925.
3. That your Will has to be complex
I have queries whereby clients have used an online Will software to make their Wills, and unnecessary provisions have been included. There is no requirement for a Will to be more complex than it should be. In most cases a Will should be straightforward and clear, without the use of unnecessary legal jargon. This can create complications for executors.
4. If you do not have a Will your estate will pass in ways you expect
Most unmarried couples assume their estates will pass to one another on their respective partner’s demise. There is no automatic right to inherit therefore, it is important that you consider making a Will. There are multiple scenarios which may arise in this regard therefore, it is vital you consider how your estate is to be divided and between whom.
If you require any further information into making a Will, please contact our Wills and Probate team on 0113 284 5000 or mail@isonharrison.co.uk.
