Did you know there can be costly fees for your loved ones if you die without a valid Will? While death isn’t something we like to think about, we know that it is a natural part of life and can happen at any moment. We cannot anticipate our end, but we can gain control by planning for it.

If you don’t have a valid Will in place, your money, property and possessions will be shared out according to the law instead of your wishes. We know that while most people acknowledge the importance of having a Will, about 60% of us do not have a plan in place. This can mean that what you leave behind can pass to someone you hadn’t intended or that some loved ones end up with nothing.

Four Common Misconceptions about Wills

There are many misconceptions about having or not having a Will; four of the most common are:

“I don’t need a Will. My partner will inherit everything automatically.”

 Did you know that the surviving partner does not automatically inherit the other person’s share of estate? When a person dies without leaving a valid Will, their property (the estate) is shared out among Married or civil partners and some close relatives according to the rules of intestacy. Having a Will status of intestate means that you have no say whatsoever in how your estate is distributed and who receives it.

So, unless you have a legally valid Will, the rules of intestacy will apply to you and that will decide how the estate will be shared out

“I made a Will already so I’m ok.”

While Wills don’t expire, they don’t improve with age! An outdated Will means it may not contain the relevant information that reflects your current wishes. You may have a different house, different bank accounts, and maybe even a different spouse and more children.

Your Will should be reviewed every 3-5 years for changes in circumstances and objectives. Not only does this give you the chance to ensure it still reflects your wishes, but also to align it with changes to the law. For example, recent amendments to inheritance tax and property laws means there could be large tax bills to pay.

“I made a Will before I married so I don’t need to do anything.”

Not everyone knows that, under marriage laws in England and Wales, any pre-existing Will is revoked when you enter into a legally binding marriage contract. This means that if you die without making a new Will after you get married, the law of intestacy will determine how your assets are divided and who should inherit from you.

Usually, your entire estate would go to your wife, husband or civil partner. If you have other family members that you wish to include in your inheritance, getting your Will updated is a priority.