Wild Will Facts 🤯
(that will make you want to write your Will)
We get it - thinking about Wills isn't exactly your idea of a fun Friday night. But here's the thing: some of these facts are genuinely wild, and knowing them could save your loved ones from some serious headaches down the line.
Did you know that 72% of UK adults don't have a Will?
That's like playing Russian roulette with your Netflix account, house, and life savings all at once. (Okay, maybe not the Netflix account - but you get the idea).
At AWAY Wills, we're all about dropping truth bombs and busting myths about Will-writing. So, we've compiled these ten mind-bending facts that might just change how you think about Wills. Trust us - number 10 will make you want to write your Will... like, yesterday.
Ready to have your mind blown? Let's dive in! 🏊♂️
My spouse gets everything anyway, right?" Plot twist: Without a Will, your spouse doesn't automatically inherit everything. Without a Will, Intestacy Rules kick in, and they decide who gets what - it might not match your wishes at all!
The "Common-Law" Myth 💔 Here's a shocker: Living together doesn't give your partner automatic inheritance rights. No matter how many years you've shared Netflix passwords, without a Will, your partner could be left with nothing. Again, fact 10 is another layer of mind blowing…..
Life Changes = Will Changes 💍 Getting married or divorced? Your Will needs a refresh! In the UK, marriage automatically voids all previously written Wills. And until you’re actually divorced, your spouse still inherits a large chunk of your estate. Major no no. Think of writing and updating your Will like updating your relationship status - but way more important.
The Care Home Conversation 🏡 Smart Will-writing can help protect your assets from care home fees. Yes, really! Because your property value could be used to assess whether you can afford to pay for your care home, there’s a chance you might have to sell it before you even die. It's like having an insurance policy for your family's inheritance.
The Joint Assets Journey 🤝 Most jointly-owned assets (like your house) automatically go to the other owner, regardless of what your Will says. Your Will handles everything else in your solo name. The good news is there are things you can do to change this and ring-fence your half of your property for future generations.
Step-Children Situation 👨👩👧👦 Love your step-kids like your own? Your Will needs to know that! Step-children don't automatically inherit unless you specifically include them.
Coming of Age 🎈 Want to stop your 18-year-old splurging their inheritance on a sports car? You can set a higher age for inheritance in your Will. Adult-ing can, in this case, literally wait!
Blended Family Balance ⚖️ Second marriage on the cards? You can totally look after your new spouse AND make sure your kids from your first marriage are protected. It's not either/or. Forget to do this, and there’s a chance that your children from a previous marriage will end up with nothing from your estate.
The Tax Talk 💰 Here's some good news: Everything your spouse or civil partner inherits is tax-free! For everyone else (except charities), inheritance tax might come into play.
The Government's Gain 🏛️ Yup. Plot twist of the century. No relatives and no Will? Your assets will likely end up with the government (awkward). But write a Will, and you can choose friends or charities to benefit instead. Cause let's face it, whether you're a Labour die hard or a Tory through and through, there are better places for your hard earned money to end up.
Want to make sure your wishes are crystal clear and legally sound? Let's chat about getting your Will sorted.
Because nobody wants the government as their surprise beneficiary! 😉
