True or False: 5 Myths about Wills

There are many myths about Wills and making a Will in today’s market. Maybe that’s one of the reasons 53% of UK adults have not yet made a will.

At Chadwick Lawrence we like to tell you in plain English the ins and outs of making a Will and bust those myths so your mind is at ease.

MYTH 1: MY DEBTS WILL DIE WITH ME

FALSE – Upon your death any debt you have will be paid from the estate funds. Once these have been paid and if your Estate is solvent the remaining monies can be distributed in accordance with your wishes under the Will.

However, if there are insufficient assets to pay all your debts in full and your Estate is considered insolvent then your creditors may become entitled to your estate. This will most likely mean that any legacies you have left to anyone in your Will will not take effect.

MYTH 2: I DON’T NEED A WILL, IF I DIE EVERYTHING WILL GO TO MY SPOUSE

FALSE – Your spouse will inherit your assets held in joint names only. Everything else you own will pass under the intestacy rules. The intestacy rules are strict and if a Will is not made your assets may go to a place that would not have corresponded with your wishes.

MYTH 3: I HAVE A WILL SO MY EXECUTORS CAN ASSIST WITH MY FINANCIAL AFFAIRS WHILST I AM LIVING

FALSE – A Will will only come in to effect when you die and your executors can only carry out their tasks upon your death

If you need assistance with your financial affairs during your lifetime you will need to make a Lasting Power of Attorney for Property & Financial affairs and appoint attorneys to assist you whilst you are living.

A Lasting Power of Attorney will allow your attorneys to assist you during your lifetime. Upon the event of your death the Lasting Power of Attorney becomes void and your Will comes in to effect. The executors of your Will will then carry out their tasks.

MYTH 4: MY EXECUTORS CANNOT ALSO BE BENEFICIARIES OF MY WILL

FALSE – You can appoint up to 4 executors to assist with the administration of your estate upon your death. Most people choose a spouse, partner, child or children or close friend.

There is no restriction to say that an executor cannot also benefit from your Will if you should so wish for them to do so. In most cases if a spouse or partner is appointed as an executor they are usually the sole beneficiary of the estate.

MYTH 5: A WILL IS STRESSFUL AND TIME CONSUMING

FALSE – At Chadwick Lawrence our Team of Experts will carefully craft your Will to reflect your wishes leaving you stress free and your mind peaceful and at rest. We tailor each and every individual Will to suit your needs and wishes and most importantly aim to protect your assets against any future claims that may arise.

For advice on Wills, Inheritance Tax or any  Lasting Powers of Attorney please contact our team on 0800 015 0340 to arrange an initial free half hour appointment at any of our offices in Huddersfield, Halifax, Wakefield, Horbury, Leeds, Pudsey or Morley.