Writing a Will is an extremely important process, and one a large portion of us will have to go through at some point in our lives. Still, lots of people are completely oblivious about how Wills work and how to draft one that will be enforceable.
Ignorance about Wills can have disastrous consequences and may lead to the state having to decide how to divide your assets when you’re gone. This is why you need to know as much as possible about how to make a valid Will and don’t rely on hearsay. Here are some of the most common myths about Wills that should be dispelled right away.
Online Wills Are Invalid
That couldn’t be further from the truth. A Will that was drafted online through the right service and with professional assistance will be just as valid as any other. You even have services that allow you to record your Will through a webcam, and these are perfectly legal when performed correctly.
The most important part when creating a Will online is making sure that you fill it the right way and that the document is signed/witnessed correctly. You also have to go with a Will service that has a solid reputation and will help you every step of the way.
If you’re looking for a great Will writing company that will allow you to draft your Will from the comfort of your home, we suggest you check out ELM Legal Services. They’ve been serving the community for decades and are one of the top five Will writing services in the country. They can provide online Wills, webcam Wills, and regular Wills as well if you’d rather go the traditional route.
My Marital Status Does Not Affect Your Will
Many people are surprised to hear that getting a second marriage means that their original Will is null and void. But under English and Welsh law, a Will has to be revoked the second someone enters into a marriage contract. The only exception is if the Will was drafted in expectation of marriage. As long as the Will has provisions for that impending marriage, no modifications will have to be made.
However, if your Will was not written in expectation of a marriage and you get married without drafting a new one, you will be considered to have died intestate and your estate will be subject to the rules of intestacy.
You Can Make Amendments to Your Will Whenever You Want
Some people assume that they can make changes to their Wills whenever they want. What they forget is that a Will is a binding contract and that you cannot make arbitrary changes to a contract after it was signed.
The only way that you can modify a Will is to write a new one or to add a codicil. If you write a new Will, it should declare that all previous Wills are void. A codicil, on the other hand, will be a signed amendment that will be attached to your existing Will.
A Will is Unnecessary Since My Spouse Will Inherit Everything
While it’s true that if you die without a Will, most or all of your possessions will go to your spouse according to the rules of intestacy. But a Will is about more than simply handing down assets. It’s about controlling how these assets will be handed down. Some of your assets could put your surviving spouse under a heavy tax burden and that’s something you could avoid by drafting a proper Will.
A Will is the only way to make sure that your assets are handed down according to your wishes. You could put some of your assets in trust so they can be better managed, for instance, or decide to hand down assets that are subject to inheritance tax to those you feel will be able to handle it.
You should also know that a Will is about more than just possessions. Your Will can also dictate who should have legal custody of your children, for instance. If you have children, not having a Will is a horrible decision, even if you have few assets, so consider drafting one as soon as possible if that’s your case.
Beneficiaries can’t Be Executors
A lot of people seem to think that Wills have to be executed by a professional. In reality, you can appoint anyone you wish to be an executor, even if they’re a beneficiary. This means that you can choose who you feel would have the temperament necessary to execute the Will properly, whether it’s your spouse, a friend, or one of your children.
These are all myths you should forget if you were thinking of drafting a will. If you have any questions, we suggest that you speak with a professional service today so they can clarify the process for you.