Mythbusting Wills: 5 things you thought you knew about Wills but got wrong
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A surprising number of adults in the UK don’t have a Will – but why is this?
A 2018 report by Royal London found that 54 per cent of UK adults don’t have a Will and 5.4 million people aren’t sure how to write one.
Gary Taylor from Taylormade Estate Planning in the Cotswolds helps shed some light on the situation and reveals five commonly held misconceptions about Wills.
1. I’m not rich enough to need a Will
This is something I hear a lot and is a common reason people don’t think they need a Will. The truth is, if you own a home, have savings, run a business, or hold investments, then you possess assets that can be passed on. Wills are not just for the wealthy, you can use them to pass on objects of sentimental value, to help you plan for the future and prepare for the unexpected.
You can use your Will to gift donations to charity and also specify funeral arrangements that can make life easier for your loved ones and provide some much-needed relief, during an already challenging time.
2. I’m too young to think about my Will
It’s easy to put off writing a Will and think of it as something people do in later life, or when they get ill. However, writing a Will sooner rather than later can provide more security for your family and help you protect and preserve your wealth.
A Will can be written at any time, and as you reach your first major milestones, can be a useful tool. For example, when buying your first home, getting married or welcoming your first child. It can provide you with peace of mind and ensure, no matter what happens, that your family will have the financial support they need.
By nominating a trustee, you can put aside money for your child’s future, in a trust or as a gift, for them to receive when they come of age, to help them take the next steps in their life.
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Parents can also appoint a legal guardian to ensure their child will always be safe, loved and well-cared for. Without a Will, the family courts will decide what happens to your children.
3. I don’t need a Will as my money will automatically go to my spouse and children
Many people assume their money and assets will automatically go to the people closest to them, but without a Will, there are no guarantees.
If you don’t have a Will, your assets will be divided up according to the Intestacy Rules, which omits unmarried partners, friends, distant relatives, step-families and charities.
To ensure they inherit what you want you'll need to name them as a beneficiary in your Will. A Will precisely sets out your instructions, which helps prevent family disputes, and leaves nothing up to chance, meaning the assets and estate you’ve worked so hard for can be passed on to those you hold most dear, which is more important than ever with today's blended families and co-habiting couples.
4. Professionally written Wills are an unnecessary expense
There are so many ways to write a Will today, which is why it’s not surprising so many people are unsure of what to do. You can buy a DIY Will kit, or write one yourself online, but I’d always recommend seeking professional legal advice first and consider using a professional will writing service.
We can advise the best way to protect your assets, offer inheritance tax advice and design bespoke estate planning and financial solutions to help you make the most of your money. We’ll make you aware of any important legal and tax information that could affect you and ensure your Will is completed correctly.
We can also offer probate advice, and help you appoint an executor to manage the division of your estate. As we’re a member of the Society of Will-writers, you can be confident that you’ll receive the highest quality service.
5. Writing a Will is hard
This is what can put many people off writing a Will, but with the right help, the process can be simple, stress-free and even life-affirming. We’ll use our expertise and years of wealth management experience to offer the guidance and support you need every step of the way. We’ve been helping families in the Cotswolds and throughout the UK for over 25 years.
You can book a no-obligation consultation on the phone to discuss your needs, and we can recommend what next steps to take. You shouldn’t feel anxious about discussing your future, and we can help you get the conversation started and plan for every eventuality.
To find out how we can help you, visit tayloremadeplanning.co.uk.
Call 07507720523 or email email@example.com.