For something as important as making a will, there are many incorrect misconceptions around it. Wills, in fact, are often greatly misunderstood when you go beyond the basics of what they do. While many people know how important it is to have one in place, not everyone knows about them in detail. This is actually perfectly understandable and why it is important to consult a professional when making yours. If you would like to get a head start on what is involved though, here are 3 common beliefs about wills that are just not true.
Your Debts Die With You
Many people believe that any debts they have built up in life die with them and will not affect their will. This is not true, unfortunately! Upon your passing, any outstanding debts will be paid from your estate before anything else is paid. Once your debts have been settled, the remaining money will be distributed as per your will. Creditors may be entitled to your other parts of your estate if there is not enough cash to cover all the debts.
My Partner Automatically Gets Everything
This common misconception actually prevents many from making wills. This is a real shame as it can see your estate passing to someone else entirely! If you do not make a will specifying that your partner is to receive your whole estate, they will only get what is held in joint names. All other monies will be dealt with under strict Intestacy laws and may go elsewhere. If you are married, your spouse may not receive everything. If you are unmarried, your partner will receive nothing. This might even mean that Inheritance Tax is payable.
An Executor Cannot Benefit From My Will
When making a will, it is acceptable to appoint up to 4 executors to carry out your wishes. This can be anyone from a spouse to a child or close friend. One common myth is that a named executor cannot then benefit from your will. This is not true as there are no restrictions which dictate this. However, they will not be able to benefit from your will if they witness your signature. This is because anyone who witnesses your signature cannot benefit from your Will.
Making A Will Is Important
One thing that is certainly not a myth is how key it is to make a will. This not only sees your estate dealt with in line with your wishes but also makes things much smoother for your family when you pass on.
I am a professional Will writer based in Leicester with over 18 years’ experience in this area of law. Get in touch today for a friendly, sensitive service that offers free home visits and weekend and evening appointments to make the process as easy as possible for you or your loved one.