6 Facts You Need To Know About Wills

A will is a legal document that sets out how you want your estate to be distributed when you pass away. There are a lot of facts about wills that many people don’t know, which could also be described as common misconceptions. If you do not create a will, this could result in your loved ones not benefiting from your estate in the way you might have wished.

Our team at John Fowlers will ensure that your will is prepared and executed according to your wishes, speak to our team today in Essex to book an appointment today.

There is an exception to the age you can create a will, but that’s only if you’re a soldier on active duty or a sailor at sea. In this case, you can create a will at any age

Any debts that you have incurred through your life and are still outstanding will need to be paid from estate funds. Once these have been paid, the remainder of your estate can be distributed in accordance with the wishes expressed in your will. There can be times where an estate is insolvent or ‘bankrupt’ if this is the case, there are not enough assets to repay the debts. 

Did you know that any gifts you make to a UK charity in your will is free of inheritance tax? As well as the gift itself being tax-free, charitable gifts can also reduce the amount of inheritance tax that the rest of your estate will pay.

This is another big misconception when it comes to wills, and the truth of the matter is that when you pass away and you do not have a will in place, your spouse will not necessarily receive everything. If you have children and pass away without a will, your spouse will inherit £250,000 of your financial assets, your jointly held assets and only an interest in the other half estate. 

If there are no children, then the spouse will receive only the personal possessions and the first £450,000. The remainder is then halved between your spouse and the rest of the family. 

A will is a document that only ever comes into force upon a person's death. You therefore can not grant someone power or instruction to be followed while you are still alive. 

If you want to make these arrangements and have someone you trust make financial and health decisions on your behalf then you should arrange a Lasting Power of Attorney (LPA) which can be drawn up by your solicitor.

Wills are something people do think about a lot, but will often ‘leave it for another day’. As well as this, 59% of parents either do not have a will or have one that is out of date. If you already have a will, it’s important to ensure that it is updated so your estate and possessions are passed down with your wishes.