Will Myths Busted

Will Myths Busted: The Truth About Estate Planning

When it comes to estate planning, few things are as important and as misunderstood as a Will. Despite being the most important document to ensure your wishes are carried out, many people delay writing one, often due to misinformation or myths they have heard. Let us clear any misunderstandings and quash some of the most common myths surrounding wills.

Myth 1: “Everything Will Automatically Go to My Spouse or Children”

Reality:
Everything does not automatically pass to your spouse! Without a Will, your estate is divided according to intestacy laws, which may not reflect your wishes. There is also no such thing as a common law spouse, so unmarried couples as well as stepchildren are excluded under these laws. A Will ensures that the people you care about are provided for.

Myth 2: “I Don’t Need a Will Because I Don’t Own Much”

Reality:
Even if you do not have significant assets, a Will is still essential document. It does not just dictate who gets your assets, it can appoint guardians for your children, name an executor to manage your estate, and help avoid unnecessary legal complications for your loved ones. Personal belongings, digital assets, and sentimental items can also cause disputes amongst family if not properly assigned. A Will isn’t just about money—it’s about peace of mind, clarity, and protecting those you care about.

Myth 3: “I’m Too Young to Write a Will”

Reality:
You might feel too young, but a Will is not just for the elderly or seriously ill. Life can be unpredictable, and a Will gives you control and peace of mind now, especially if you have children. Appointing a guardian in your Will ensures that if you are no longer around, someone you trust will care for your children instead of the court deciding for you. You can even write a Letter of Wishes to accompany your Will to give instructions to guardians on how you would like them to be raised. If you’re old enough to have a job, a child, or a bank account, you’re old enough to benefit from a Will.

Myth 4: “Once I Write a Will, I’m Done”

Reality:
Wills should be updated as your life changes. Think marriage, divorce, the birth of a child, or significant financial changes. Currently, marriage voids a previous Will and divorce voids gifts to a previous spouse. If you are in the middle of a divorce, a Will is paramount because if something happens to you before the divorce is finalised, would you want your soon to be ex to inherit under your previous Will? A will that does not reflect your current situation can lead to legal challenges.

Myth 5: “Wills Are Only About Money”

Reality:
While distributing assets is a key function, Wills can also cover personal wishes, such as who will care for your pets, how you want your funeral managed, or instructions for digital assets like social media accounts and online subscriptions.

Myth 6: “I Can Just Tell My Family What I Want”

Reality:
Verbal instructions are not legally binding. Without a written Will, there is no guarantee your wishes will be followed. The person managing your estate administration is under a legal duty to administer your estate according to intestacy laws. Administrators may be personally liable if rules of intestacy are not followed. Family members may also disagree, leading to arguments or even litigation.

Myth 7: “Wills Are Too Complicated and Expensive to Make”

Reality:
Creating a Will is more accessible than ever. While it is wise to consult an attorney for complex estates, many people can create a simple, legally valid Will through legal services at a small cost. Most Wills are straightforward and affordable—especially compared to the cost of resolving disputes later. It is a small price to pay to protect your loved ones.

A Will is not just for the wealthy or the elderly, it is a vital document for anyone who wants control over their assets and care of their loved ones after death. Do not let misinformation stop you from making one. Taking the time now can save your family stress, confusion, potential conflict, and litigation.

If you have not already, consider making or updating your Will today. A Will is one of the most thoughtful and practical gifts you can leave behind. Don’t let myths hold you back—speak to our team today on 0191 232 9547 and take the first step toward peace of mind.