The common mistakes people make when they don’t make a will.Smart Will
The common mistakes people make when they don’t make a will
If you haven’t made a will then you may think that all of your money might just automatically go to your partner but nothing could be further from the truth.
In fact, there are strict laws that set out how assets should be distributed upon someone’s death if they haven’t made a will.
Passing on without a will or intestacy as it’s called in law is unfortunately quite common but it can cause serious problems for those left behind and often people don’t make a will because due to simple misunderstandings.
Research shows that the majority of people believe that their partner will automatically benefit from their estate when they die however this is incorrect, especially for people who are cohabiting but aren’t married or in a civil partnership.
You can check out how the money is divided when you die without a will in our next article on intestacy.
Not having a will causes more upset
Often people think their family will easily know how to divide up their assets which is a natural mistake to make but unless you have specifically sat people down and discussed your wishes then it is unlikely to be true.
Relationships are funny things and we all may have a different view of how others feel. Can you imagine how difficult it would be for your family and friends to sit around a table and try to second guess your thoughts?
When people pass on it is a stressful time and we all know that this can affect people differently and it is a fact that relatives may not always comply with your wishes.
Making a will sets out clearly what you want to happen and also has the weight of law behind it.
Do you need money to write a will?
Some people mistakenly believe that you need to be wealthy to write a will but nothing could be further from the truth.
You don’t have to own a property or have lots of money in the bank.
A will is simply a formal expression of your wishes, you could even include your funeral music list if you want, but unless you actually sit down and set out those wishes then no-one will know.
Passing on without writing a will simply extend the process and will end up costing more money in fees for your intended recipients.
Not old enough to have a will?
One of the saddest mistakes people make is to think that they don’t need one until older.
It’s completely understandable but we have to be realistic and understand that none of us knows how much time we have.
Putting off making a will just adds to the upset for your relatives if you are the victim of sudden death.
Another mistake that people make when they don’t make a will is that they think it will be expensive.
Actually, it is a lot more affordable nowadays and with the Smart Will app it is even better value.
Unless you have an extremely large and complicated estate the process of making a will should be quick and inexpensive and it’s certainly less expensive than leaving without one.
If you haven’t yet written your online Will, you can use the Smart Will App completely FREE until you are ready to pay and request your documents.