Common Misconceptions With Estate Planning

Estate planning isn’t just for the wealthy. A Will ensures how your belongings are distributed according to your wishes and prevents unnecessary disputes. Your Will can also include instructions relating to your digital assets such as social media accounts, so you can decide what happens to your accounts within your Will.

Without a Will the law determines who inherits your estate which may not align with your intentions. A Will also allows you to appoint guardians for minor children or pets

If you don’t have a Will when you die, the intestacy rules will apply. Depending on the value of your estate, your spouse may only inherit a portion, with the remainder divided among your children, parents or siblings. which may be against your wishes and may cause complications. A Will clarifies your wishes and ensures your spouse is financially secure after your death.

 Lifetime estate planning also includes planning around scenarios during your life such as losing mental capacity. Lasting Powers of Attorney allow you to appoint someone who will manage your property and finances and/or health and welfare decisions on your behalf if you lose capacity or are unable to make those decisions. If these arrangements like Lasting powers of attorney are not in place, this may provide issues for your family where they will need to apply for a court order which will inevitably be costly and time consuming for them in order for them to be able to manage your affairs.

Life constantly changes, and your wishes will change too. Therefore, your Will should reflect any changes accordingly.  Wills should be reviewed regularly as personal circumstances change with important life events such as getting married, having children, divorce, gaining significant assets or a change in personal relationships. By failing to update your Will to be in accordance with your current circumstances can create unintended consequences, for example leaving out a new member of the family or even someone benefitting from a gift when you no longer intend for them to benefit.

While it is completely possible for you to write your own Will, DIY Wills often fail to meet the legal requirements of a valid Will and usually omit critical details, such as clear language or it may not be witnessed correctly or even failing to account for all assets

By having a professionally drafted Will, this ensure your wishes are legally enforceable and minimises the risk of disputes among your loved ones after you die.

 There will of course be costs involved to draft a Will and Lasting Powers of Attorney… but these are relatively minor compared to the potential legal fees and stress it can cause in disputes by a lack of planning. Wilson Browne Solicitors offer affordable fixed fees for Wills and Lasting Powers of Attorney, making estate planning accessible for everyone.

Estate planning is crucial at any age, not just for older adults. If you have children, dependents or significant assets like a home, it is important to have a plan in place for your families sake. Unexpected events like accidents or unexpected health issues can happen at any age and any time. A Will provides peace of mind that your loved ones will be cared for and Lasting Powers of Attorney ensure your affairs are managed if you lose capacity or are unable to make those decisions.

Appointing a single Executor or Attorney can simplify decision making, but it also creates a risk if that person becomes unavailable to act or acts improperly. Naming multiple Executors or Attorneys ensures there is a safety net if one cannot act or there is mismanagement. It is crucial to appoint people who you know are going to work well together to avoid any conflict.

A Will is not just about distributing assets. Wills can and usually do include detailed instructions for your funeral wishes or how you may want to leave a donation to a charity or multiple charities that are important to you. These details provide clarity for your loved ones during an emotionally difficult time and ensures that your values and intentions are honoured.

Certain assets such as jointly owned property or life insurance policies with named beneficiaries may bypass your Will, therefore is it essential to plan comprehensively. Without a Will the law determines how assets are distributed which may not reflect your intentions. Therefore estate planning ensures that all of your assets are considered and distributed in accordance with exactly how you want them to be.

 Probate can be time-consuming, but proper estate planning can simplify and speed up the probate process. With proper estate planning and clear instructions in a Will with accurate records of your assets and liabilities, this can reduce any chances of delays. Naming a trustworthy Executor and seeking professional advice can make the process smoother and less stressful for your loved ones.