Today marks the start of Will Aid month, so we’d thought we’d help raise awareness by explaining a few legal myths.
My spouse will get everything if I die
Your spouse or civil partner is only entitled to inherit your entire estate if there are no other living blood relatives. If you have children – your spouse will inherit the first £250,000 of your estate and retain life interest in half of anything that exceeds this, the remaining half will be divided between your children. If you don’t have any children your spouse inherits the first £450,000 and the same rules apply to parents, siblings, nieces and nephews.
If I live with someone, they’re my ‘common law’ spouse so will be entitled to inherit my estate
Common law doesn’t exist when it comes to inheritance law. Partners who live together have no rights, cannot inherit and cannot act as personal representative. If you are not married and have children, your estate will be equally divided between them. The worst scenario is if you are still married to your ex-partner, he or she will inherit the first £250,000, the remainder will be split between your children.
My children will automatically inherit my estate
Only if you are not married. This can leave children in a vulnerable position. For example, say you have children from a first marriage – your current spouse will inherit your entire estate, including chattels if valued at less than £250,000. Worse than this – if your spouse remarries, in the event of their deaths, the wealth could be passed to the family of your spouse’s new partner.
You can change intestacy so what’s the point in making a will
Yes, you can change intestacy law with a document called a Deed of Variation. The problem with this is that to do so, everyone affected must agree. Plus, if beneficiaries are children under 18, they cannot legally give their consent and the Courts must give their approval, making it very costly.
Drawing up a will is really expensive
This is not the case. Many people have visions of a solicitor painstakingly drafting the document with a quill and ink, while the clock is ticking…thus costing hundreds of pounds. These days, you can quickly and easier make a will online. Of course, if your situation is complex and you have many assets this is not recommended so will inevitably cost more. See our pricing guide and find out the cost of making a will.