Common misconceptions about Wills

By Oyin Sulola

What are the most common misconceptions about Wills? 

This article explores four (amongst many) frequently misunderstood aspects of Wills that we commonly see based on our experience as Private Client practitioners. Understanding these misconceptions is vital to making sure your estate planning is both accurate and effective.

• “I do not need a Will because I am not a wealthy individual.”

It is common for individuals to think that because the value of their assets falls below certain thresholds, it is not necessary for them to make a Will. However, this is far from the truth. The purpose of a Will is to ensure that your wishes are documented and those you care about are provided for in the way that you want. The danger of not having a Will is that everything you own, no matter how little or big, could end up in the hands of those you do not want.

The lack of a Will means that your assets will be distributed according to what is known as ‘intestacy rules’. These rules not only determine who will inherit your estate, but also the order in which they will do so. Where there is no one remaining who is illegible to inherit under the intestacy rules, the estate will revert to the Crown (the government).

It is important to remember that you do not need a minimum estate value to make a Will.

• “I have been living with my partner for a long time and therefore considered to have a common law marriage.”

Common law marriage does not exist in the United Kingdom and unmarried partners do not have automatic entitlement to inherit from each other when one passes away. The only certain way to ensure that an unmarried partner can inherit, is if they are provided for as a beneficiary in a Will.

• “I can just make my Will at home; I do not need to get it made professionally.”

At times, Wills made by individuals without any proper legal guidance can end up lacking the required legal terminology needed to make a valid Will.  

Moreover, it may not cover all assets owned by the individual, which could lead to potential issues later down the line.

Another potential problem with these homemade Wills is that they could be witnessed incorrectly meaning they are rendered invalid. The benefit of using a Solicitor is that we can ensure that the Will complies with relevant legal requirements and accurately conveys your intentions.

• “Once I make a Will, I cannot change it.”

This is incorrect. We encourage our clients to review their Wills every five years—especially after major life events such as marriage, divorce, or the birth of a child.

It’s important to note that marriage revokes a Will. Additionally, if you appoint your spouse as your executor and later divorce, that appointment is also revoked.

An executor is the person you authorise to administer your estate in accordance with your Will.

As you can see, there are many reasons why it is important to make a Will and regularly keep it updated. Planning early helps prevent any future complications and ensures your loved ones are cared for according to your wishes. If you would like to make a Will or reviewing an existing one, please contact us on 01722 410 664 and our team would be more than happy to assist you.

Oyin Sulola