Mythbusting with...
wills
Earler we had a look at some myths with Lasting
Powers of Attorney, so here are 10 common
misconceptions about writing a Will.
“I already have a will – I don’t need a new
one”
You already have a will in place. Great! Do you
know where it is? Even if you have a will it’s best
to keep it under review to make sure that it still
matches your personal circumstances. After
all, you wouldn’t purchase a car and assume it
doesn’t need any maintenance for the rest of your
life.
Here at the SWW we recommend everyone
reviews their will every 3 to 5 years or earlier if
your situation changes. These changes could be
due to marriage, divorce, birth of new children
or grandchildren, death of a beneficiary, or even
coming into some money. This also makes sure
you keep abreast of any changes to the law that
effect your planning so you can be sure that your
will is as effective as possible.
16
the society of will writers
“Everything will go to my partner anyway”
A dangerous assumption but one that we face
every day. For some people this is actually correct,
but are you sure it’s true for you? If you die without
a will the “rules of intestacy” will apply and your
estate will be distributed to surviving relatives by
a strict hierarchy.
If you are married or in a civil partnership and you
have no children then if you die all of your assets
will pass to your spouse or civil partnership. This
is also the case for married couples and civil
partners who have children but whose estates are
valued at less than £250,000. For everyone else
the situation is much more complicated.
If you and your partner are unmarried or have not
entered into a civil partnership then the rules of
intestacy are not your friend. Intestacy doesn’t
recognise these relationships so your partner
would receive no benefit from your estate. The
concept of ‘common law marriage’ is only a myth
and has no legal basis.