Making your will can seem like a scary prospect, especially if you don’t feel fully informed. There are also myths aplenty about will-making that can make you feel like putting off the task but, thankfully, many of these can be easily debunked, as the following facts will show.
Myth: My assets aren’t secure even though I’ve made my will
As long as you are mentally capable, you can choose to leave your assets to whoever you like after your death. Some people may make claims if they are left out of your will and feel this is unfair, however, which is one of the reasons why it is essential to make sure that your will is drawn up by reputable Gloucester solicitors or legal experts convenient to you.
There is also the prospect that some of your assets may need to be used if you have to go into a care home but there is lots of scaremongering that surrounds this subject and so it is not something that you should worry unnecessarily about. Most people do not need residential care and it is very rare for properties to be sold during someone’s lifetime to pay for care.
Myth: I’m getting married; my current will won’t be affected
As solicitors such as https://www.deeandgriffin.co.uk will explain to you if you talk about this issue to them, English and Welsh law means your existing will is revoked when you get married. This means that if you die without making another will your estate will be distributed in the same way as if you had never made a will, which is known as dying intestate. Read more about dying intestate at https://www.gov.uk/inherits-someone-dies-without-will.
Myth: My children could easily be disinherited if I get a divorce
A divorce will not affect your children’s inheritance as stated in a will that was in place when the marriage legally ended.
Myth: My entire estate will go the government in Inheritance Tax
This is a major cause of worry for people but after tax relief, it is actually quite rare for Inheritance Tax to be paid.
Myth: My Local Authority will be able to make decisions about my property and residency
This would only be the case if the local authority was appointed either as your deputy or attorney.