A few myths about Wills… Nobody likes to think about making a Will because it means thinking about your death. But we think they’re really important (we would, wouldn’t we?) so here’s a few myths about Will’s we’d like to explode I don’t need a Will. I haven’t got anything to leave. WRONG. Normally everyone has something to leave, no matter how big or small, valuable or worthless. Even if you only have your debts to sort out, it is better to have a Will than not. Why? It’s better to tell your loved ones what you want to happen when you die than it is to leave them to guess. Remember, they’ll be grieving; you can make your wishes known without having to deal with the emotion of having lost a loved one. It is also better to appoint representatives who you know will sort your affairs out properly once you have gone (your “Executors’) than it is to leave this to chance. If you don’t appoint an Executor, someone (who you may never have wanted to be involved) may be appointed to do so by law. There are all sorts of instructions that you can leave in a Will and you do not need to be a rich millionaire to have one. I’m married/in a civil partnership. Everything will go to my spouse or partner when I die. I don’t need a Will. WRONG. If you die without a Will, you die ‘intestate’. If you die intestate, the law says that your estate is distributed in accordance with the Intestacy Rules. This is effectively a ‘pecking order’ of people who are entitled to what you own, in order of importance. The Intestacy Rules currently state that if you are married or have a civil partner, that spouse or partner would be entitled to anything you owned as a joint tenant, and that would pass to them automatically by survivorship, all of the deceased’s personal belongings, a legacy or gift of £250,000 and the benefit of the remainder during the surviving spouse’s/partner’s lifetime. If your estate is greater than this and you do not own property jointly, your spouse or partner might end up owning property with your children, or your siblings, or even your parents. It might well be that your spouse or civil partner does end up receiving everything but it’s not guaranteed unless you have explicitly stated your instructions. Why would you take a chance, when you can make a simple Will and be certain? Wills are complicated and expensive to make. WRONG. It’s your Will and you can make it as complicated or as simple as you wish. Generally, it is better to have a simple Will, than not to have a Will at all. As for cost, yes, you might pay a couple of hundred pounds to sort this out now. Better, though, that than the few thousand it might cost your estate to sort out your affairs and the arguments between your loved ones that might arise as a result of you being intestate. I’ve written down what I want to happen in a letter and I’ve given it to my family. I don’t need a Will. WRONG. Your family only has to carry out your wishes if you have a valid Will. For a document to be a Will, that document has to be in a particular format and signed and witnessed correctly. If the document isn’t in that format, nobody has to follow the instructions within it and no one will need to do what it says. Further, you will have been deemed to have died intestate (with no Will) and the law will then apply as to who will get what, making your letter not worth the paper that it is written on. If you don’t want to use a Solicitor, that’s fine. Just make sure that the Will that you make is valid and will work. Otherwise, it is a waste of time. I have to leave everything to my family. WRONG. In England and Wales if you make a Will you can leave whatever to whomever you like. Your assets, whatever they are, are yours to do with whatever you want. This is provided that you understand fully what you are doing and what will happen once those instructions are carried out. If you do decide not to leave your money and possessions to your nearest, you should take proper advice on what they might be able to do if they do not get what they think they are entitled to on your death. For example, a dependent spouse who receives nothing might still be able to make a claim on the estate under the Inheritance (Provision for Family and Dependents) Act 1975, a law that says that they should receive something, even if they are not left anything in a Will, by virtue of the fact that you were married and had always provided for them financially. Be careful and make sure you take property advice on this point. My estate is not worth enough to pay Inheritance Tax, so I don’t need a Will. WRONG. The purpose of having a Will is not to avoid paying Inheritance Tax (it might help if you think your estate might be in this situation but tax saving is not the first priority of a Will). A Will sets out who you want to deal with everything after your death (your Executors), whether or not you want to appoint Guardians to look after your children who might be under 18 at that time and who you want your possessions and savings to go to. I don’t need a Will because I have a Power of Attorney. WRONG. Powers of Attorney, whether General, Lasting or Enduring Powers, are documents that work during your lifetime only. These all become invalid on your death and will not work. It is only the instructions contained within a Will that take effect once you have died. Be careful not to get confused by what these other documents do. I don’t need a Will. I’m not going to die. WRONG. Our understanding is that there currently is no cure for mortality (although maybe you know something that we don’t??!) We know it’s not a nice thought but it really is an absolute cert. Emily Stacey is a partner at Quercus Solicitors. She’s married with two young children and loves coffee & cake. She’d be delighted to share both with you whilst you talk about your needs before, or after, your wedding. You can contact Emily by phone (01295) 297111 or by email [email protected] www.quercussolictors.co.uk Quercus Solicitors LLP is a Limited Liability Partnership regulated by the Solicitors Regulation Authority under SRA No. 572917 and registered in England and Wales at Companies House under Partnership No. OC378604