Will writing is something that we just don’t talk about enough. This is why it feels like such a taboo when we finally get around to doing it – assuming we do. No one seems to be entirely sure of what is expected, which is why it is always a good idea to seek help and advice from professionals such as those at IWC Probate Services. Yet it may be the myths that surround Wills and Will writing that is putting people off from doing this in the first place. Here are some of them so you’ll get to know the truth about writing your Will. Thus ensuring your assets and property go to the right people and your wishes are realised.
Your Debts Die With You
Many people assume that, when you die, your debts ‘die’ too and are effectively wiped out. This is not the case. In fact, nothing in your estate can be distributed until the debts are cleared, and only then – with perhaps less money than you would have thought – can your beneficiaries receive anything at all. This extends to a mortgage, but includes all kinds of debts from payment plans to loans and credit cards. Paying everything off as soon as possible means your loved ones will receive what they are entitled to.
Contracts End
If you take out a contract and die before that contract is complete, you may think that your death would make it null and void. That is not what happens. What happens in reality is that your executors (or administrators if there is no Will) are forced to go through with the contract, whatever it may be. Examples include buying a property.
Marriage Doesn’t Change Things
If you have written a Will before you were married, then getting married will cause that Will to become invalid. Unless you write a clause that says ‘in contemplation of marriage’ which then allows the existing Will to stand even if you get married after it is written. Unless you do this, you may think you have a Will but in reality you would die intestate. Meaning that those who you want to inherit might not under the intestacy rules.
You Can Cut Your Family Out Of Your Will
This is a tricky one. Although technically what you state in your Will should be your true intentions, and if that means you don’t want someone in your immediate family to inherit, you can certainly state this. However, this may not be what actually happens, even if it was what you wanted. Under the Inheritance (Provision for Families and Dependents) Act, a Will can be changed if it is deemed to deprive those in need of an inheritance that they might otherwise be expecting.
Your Media Collection Is Yours
You bought your DVDs and CDs, you downloaded your favourite tracks, and you might assume that once you did that they were yours to do with as you wish. Which includes passing them on to those who might want them after you die. However, this truth is that you don’t actually own any of these things, and shouldn’t pass them on to anyone else – you have bought the licence to watch them, and nothing more. In reality, though, this rule is not adhered to and these items are usually passed on.
Your Spouse Gets Everything
The reason you may not have written a Will is that you assume your spouse is going to get everything when you die anyway. Which is what you want, so there is no point. However, because the intestacy rules would come into play, this is not necessarily what would happen. The rules state that, if there are children; the spouse is entitled to all personal belongings, as well as the first £250,000 of the estate. The remainder would be split between the children. If there are no children, but parents or siblings are still alive; then the spouse or civil partner receives only the personal possessions and the first £450,000. The remainder is then split in half, with the spouse or civil partner receiving one half. And parents, siblings or even nephews and nieces receiving the rest.
On a similar note, a common law spouse receives no automatic entitlement to anything. If you want them to inherit, you will either need to get married, or write a Will (or both).
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