For me, getting round to making a Will was something I’d always put off. I’d rather take my car for its MOT or go to the dentists than look into making a Will: I dreaded it that much!
Being in my thirties, I had the “I’ll do it later; I have loads of time” attitude towards making a Will. I’ve recently made a Will but this was only after being shocked into doing so when I realised what’d happen if I didn’t.
So, after thinking about my own situation and quizzing friends and colleagues, I’ve pulled together the most common misconceptions surrounding Wills:
1. Wills Are For Wealthy People
No, they’re not. Think about this: the average homeowner has over £215,000 worth of property. That’s a fair amount of wealth, so you’d want to draw up a Will to ensure your Estate is awarded to those you want it to. This is especially important if you aren’t married or aren’t in a Civil Partnership (see point 2). Not only your home can be inherited: but your car, your cat, etc – surely you don’t want these to end up property of The Crown either?
2. My Partner Will Get My Money And Assets Anyway
Nope. People may think that their money and assets will automatically go to their partner or children on their death, but his is not so if you’re unmarried with children and don’t have a Will. Rules of Intestacy applies (read more here).
Without a Will, only relations or a spouse will inherit from you and assets may be passed to unintended beneficiaries. Can you imagine the devastation left behind if a close family member struggles financially and consequently has to apply to the court for a rightful share of your Estate? Drawing up a Will ensures this won’t happen.
3. It’s Depressing To Think About Dying
It’s understandable – we don’t want to think of dying. Unless you want to bring unnecessary financial complications to your children or beneficiaries when you die, a Will is necessary. In fact, after making a Will, you should feel positive knowing that your loved ones are looked after when the inevitable happens.
4. Making A Will Is Expensive
I used to think that making a Will was expensive. For most of us, the end product won’t cost much more than a great night out for two. However, the savings we could make through making a Will (by-passing or reducing Inheritance Tax; Spouse Exemptions) may be huge. Just ensure you get a properly-drafted Will from professionals. Any mistakes in the Will could prove very costly.
5. Making A Will Is Too Confusing – I Won’t Understand It
One of the main reasons why almost two thirds of the UK have not made a Will is because they don’t understand the jargon used. Since making a Will, I admit that, yes – the jargon is quite difficult to understand but that’s why I used a registered Wills and Trusts Solicitor who explained in terms that I did understand.
Delving into the world of Wills is an unknown quantity for most (certainly was for me) but because of the guidance I received, I feel confident in the instructions in my Will. The process wasn’t as scary as I thought it’d be. In fact, I am proud to say that I have inspired some of my friends to do the same and I hope I’ve persuaded you, too.
About the Author
My name is Natalie Blackburn and I’m a busy 36 year-old mum of two under five. I am from, and still live, in the vibrant city of Manchester. Since entering into my thirties and becoming a parent, I developed an interest in good financial planning, and coupled with my passion for writing, I have lovingly created the blog that you read on Sophisticated Savers.
Other interests of mine include reading (autobiographies are a particular favourite) and running (but only if I am pushed to, so I wouldn’t really call it an interest, but just wanted to sound as though I was quite fit!) and yoga (that is a real interest!). Wine and chocolate are also my real interests, and the occasional travel when I have the time.
