Common Misconceptions about Will Writing: Separating Fact from Fiction
A will is one of, if not the most important, documents you’ll ever write. Despite this, a number of people will say that they don’t need a will for one reason or another. These reasons tend to stem from various misconceptions that any will writing service, Cardiff and beyond, would be able to debunk. It’s so important that you get your will right, as this is the only document that’s set to convey your dying wishes even after you’ve passed. Without a will, you’ll have no legally binding way of confirming what you’d like to happen to your assets upon your death.
To that end, detailed below are some of the most common misconceptions about will writing.
I’ve already made a will, so I don’t need to worry.
You might think that once you’ve completed a will, your work is done; however, this isn’t necessarily the case. There are multiple significant events that can take place that affect your will. These events include births, deaths, marriages, and divorces. As a result, it’s of great importance that you review your will at least every five years. This process could protect beneficiaries who have become vulnerable, and you’ll also receive the most up-to-date tax advice. Essentially, a will that was made decades ago isn’t likely to reflect your true wishes, meaning it’s imperative that your will is consistently updated.
My family knows what I want; I don’t need a will.
Many people are under the impression that if their family know what they want, there’s no need for them to have a will. Unfortunately, in the absence of a will, your family don’t have the power to decide what happens to your estate. If you die without a will, there are strict legal rules about who’s in charge of your estate and who’s set to inherit from it. As a result, your estate may pass to people whom you wouldn’t necessarily have chosen, leaving those whom you would have chosen without anything.
Executors can’t be beneficiaries of a will.
Executors have the responsibility of administering your estate after your death; however, there are no laws that prevent executors from being beneficiaries of a will. On the contrary, executors tend to be the beneficiaries. As a result, executors will occasionally receive a portion or all of the estate. Despite this, if executors are also beneficiaries, they’re not permitted to witness the will. Ultimately, executors are permitted to be beneficiaries; however, there are a number of terms that have to be adhered to, to ensure that the will is valid.
Everything will go to my common-law spouse; I don’t need to make a will.
A common-law spouse is a partner you live with but aren’t married to. Unfortunately, in legal terms, there’s nothing that entitles your common-law spouse to your estate without a will. Even if you’ve lived with the person for a number of decades, they’re not legally entitled to anything of yours upon your passing. Therefore, if you’re unmarried with a long-term partner, a will is arguably more important than ever.
I’m married, so everything will pass on to my spouse.
Even if you’re married, though, your partner isn’t automatically entitled to everything in your estate. Currently, spouses are automatically entitled to jointly held assets, personal possessions, and only so much of the estate. Anything that exceeds this initial value of the estate gets divided between the spouse and any children that are involved. As a result, if you’d like everything to be left to your spouse, this needs to be stated in your will.
