If disaster strikes, then your online wills makes sure that your wishes are carried out, and your loved ones, family, friends and pets are taken care of.
Most people realise this.
However, there’s lots of things about wills that people don’t know, or often get wrong. Here’s some myth-busting and correcting of popular misconceptions around online wills.
A lot of people think – I don’t need online wills
In the UK, around 40% of the population currently don’t have a will. When these people die, their assets will be distributed according to the law of the land. The current laws were made many years ago. This often means that people you don’t want to benefit from your assets could do.
This is more problematic especially when people are not married, but live together or have children to different partners. Many people choose to leave donations to charity in their wills – by writing a will; you’ll be able to determine precisely who will benefit from your estate.
Some people say – I have a online wills, so I don’t need a new one
It’s always advisable to regularly review your will. Your last will might not reflect your current wishes. This is especially the case when circumstances have changed. Births, deaths, marriages or separations could mean that your existing will needs to be reviewed. The Society of Will Writers recommends that your will is reviewed every 3 – 5 years.
Most people – just don’t want to think about death!
Writing your will doesn’t have to be a morbid or unpleasant experience. Writing your online will shouldn’t make you feel uncomfortable. Premier Wills is more light hearted, and about as fun as writing your will will ever get.
With online wills A lot of people (wrongly) think – I don’t have anything to leave
It’s common for people to think that they don’t have enough assets to justify writing a will. Most people discover that they have more assets than they thought. Your assets could be sentimental items; you’ll want to ensure that these things go to the right people.
If you choose to leave any donation to charity, then your chosen charity is likely to be grateful. Your will isn’t just about distributing your assets; your funeral arrangements can also be detailed in your will.
A lot of people (again wrongly) think – everything will just automatically go to my partner
For some people, this is actually correct. If you die without a will, ‘rules of intestacy’ will mean your assets are distributed to your relatives in a specific order.
If you are married or in a civil partnership and you have no children, then if you die, all of your assets will pass to your spouse or civil partner. This is also the case for married couples and civil partners who have children and an estate valued at less than £250,000.
However, for everyone else, the situation is much more complicated, especially for those who are unmarried or have not entered into a civil partnership. Unfortunately for these people, common law marriage has no legal standing.
Some people just assume – my family will know what to do when I’m gone
Unfortunately, if you die without a will, your family will not be able to distribute your estate as they wish. Your estate would be distributed according to rules of intestacy.
The death of a loved one can often be a stressful time for surviving relatives. Having a will can help to take away unnecessary stress and ensure that your wishes are carried out precisely as you choose them to be.
An online will can also take away any uncertainty around your funeral arrangements.
This one is just wishful thinking – my debts are written off when I die
If you die with any outstanding debts, they would need to be paid from your estate. Your will details who inherits what’s left, once your debts are paid off. Your will can also specify who inherits certain items; these ‘special gifts’ won’t be included in the amount used to pay off any outstanding debts.
A lot of people think – wills are for the elderly or the ill
We really don’t know what tomorrow will bring! Wills are for everyone over the age of 18, with mental capacity.
