Nowadays, having a proper Will in place isn’t at the top of peoples’ agenda. A mix of a busy lifestyle and the day-to-day grind can really get in the way of sorting out legalities. A Will shouldn’t be something you procrastinate over.
Having the right Will in place for you makes sorting out your affairs much clearer for your family. It also means you get to make the choices on who you leave your most valued possessions to, be they sentimental or financial.
The experts in Wills and Estate Planning services, Saga Legal, carried out a survey aimed at testing the UK’s knowledge on Wills. Saga began by asking 10 questions that they thought to be popular misconceptions about Wills – none of these questions were true, but the results were really quite interesting.
Under-24s fared the worst, failing over half of the questions, whereas over 50s turned out to be the most Will-savvy.
The top 3 misconceptions, which are all completely false, were:
- “If I die without leaving a Will behind, my spouse would automatically inherit everything in both names.” This is not true.
- “My Will must be written in a legally drafted document, as anything else will not be accepted as legally binding once I am dead.” This is not true, and in fact, a Will can be in any form as long as it is signed by the Testator and witnessed by two people. In essence, it could be written on the back of an envelope – although it is not advised.
- “If I made a Will before marriage, it is still valid after wedlock.” This is, again, untrue.
Having a Will has so many advantages, and without having one in place you put yourself at risk. One of the most popular misconceptions is ‘If I have a child, they will automatically become a beneficiary’ – this is false, and so without a Will, you cannot be sure that the inheritance you leave behind will automatically go to your children.