Common Myths and Misconceptions about Wills
Having a will is not uncommon. It is therefore quite surprising how many people still hold untrue beliefs about the way wills work. Here, Jill Waddington looks at some of the most common misconceptions about Wills, and outlines the truth behind them.
I’ve already written a will so I don’t need to worry about it
Whilst making a will is a step in the right direction and can provide peace of mind, it doesn’t necessarily mean that the job is done and dusted.
Life events can and do happen and as a result, circumstances can change. Marriage, divorce, death, having children (or grandchildren) or buying property are some of the main significant events that should lead onto a review of your will.
In any event, it is worth considering reviewing your will every 5 or so years. This will allow you to think about whether the provisions made are still suitable or whether you might wish to make some changes. The review process will also allow you to consider whether any changes in the law might have affected your plans. Your solicitor will be able to advise you of this.
When it comes to making small changes to a will, it’s important that proper procedure is followed. It is also commonly thought that small changes can be made to a Will by an individual. To change an existing Will, a new one must be made or a codicil added. Where a new will is made, it should declare that all earlier Wills are void. A Codicil attaches itself to an existing Will and amends it instead of replacing it.
I’m married so I don’t need to worry about making a will
Whilst it is true that some assets automatically pass to a surviving spouse, this is not the full picture for all assets and it can depend how these are legally owned. Furthermore, failure to have a will doesn’t account for a situation in which spouses were to die at the same time.
Wills can also act as an effective estate planning tool – meaning you could take the opportunity to pass assets onto future generations of your family. Without a Will in place, some of your assets may become liable to Inheritance Tax, which could have been avoided if a Will was in place.
Furthermore, a will not only deals with financial assets, but can also allow parents to appoint a guardian. If a guardian is not appointed and there is no surviving parent with parental responsibility, it will be up to the Court to decide who will be appointed as a guardian. This may or may not be someone who you would have chosen yourself.
It is also worth noting that couples that cohabit but are not either married or civil partners are not afforded the same rights. In the absence of a will, it could be that your partner would receive nothing on your death as within the eyes of the law, they do not qualify as beneficiaries.
Executors cannot be beneficiaries of my Will
An Executor is the person / people named in your Will who re personally responsible for dealing with your estate on death. There can be between 1 and 4 executors appointed and there is no restriction on these individual(s) also receiving a benefit from your Will. Some people may choose to appoint a friend or a professional Executor rather than one of the beneficiaries. Every family situation is different and the choice of executors is entirely at the discretion of the testator.
Jill Waddington is a solicitor specialising in private client law at O’Donnell Solicitors. Please contact Jill Waddington on 01457 761320 to arrange a convenient appointment to discuss making a will or any aspect of planning for your future.
