Misconceptions of Wills

When it comes to wills and estates, there is a lot of misinformation out there. If you want to ensure that everything goes smoothly and that your loved ones are taken care of, it helps to understand a few basics about wills, estates, and probate law.

Below are some of the few common misconceptions and some explanations of these issues.

1. The belief that your estate will automatically go to your spouse and/or children

This is not always the case. If you die without a will, it means you have died intestate, and that the intestacy laws of the state will apply and determine how your will is distributed.

2. Many people believe that once created, a will can be used indefinitely.

While it is true that for some people, a well-drafted will could express their intentions indefinitely. For most people, a will needs updating as their circumstances change.

For example, the people they appoint as executors die or they are no longer friends with them, their kids grow up and can now be their executor, or certain assets which have been gifted in their will have been disposed of. People often do not consider their increases in personal wealth, which can result in imbalances in their existing wills.

Further, if you do not update your will following divorce, your estate will go to your former spouse. Marriage and divorce automatically cancel your will, so if you do not have an up to date will, your estate would fall under the intestacy laws.

3. The belief that your wishes in relation to how you want your body to be disposed of is binding and unmovable.

Your executor (and not your family or next of kin) is responsible for the disposal of your body. Many people leave explicitly detailed instructions on how their bodies should be disposed of which can often involve great expense. What they often do not realise is that these are just wishes and are not binding on the executor of your estate. If your wishes are too complex or costly, your executor may ignore them entirely. This is a consideration before you decide to burden your executor with wishes that might be too difficult or costly to implement.

4. The belief that a de facto partner is not entitled to anything.

In 1998 rules changed to provide that de facto partners may have the same rights as spouses. However, your de facto partner may not automatically be entitled to benefit from your estate or receive assets that you want that person to retain.

Again, the costs of having the Will prepared by a lawyer is a relatively inexpensive and it will give you and your family a peace of mind knowing that your Will is prepared correctly.

If you would like your Will to be drafted, Straits Lawyers are now offering online Will services. To access these services, simply click on the link – https://straits-lawyers.square.site/product/online-will-/1?cs=true

Alternatively, if you would like to enquire more about your rights and options, simply send us an email at info@straitslawyers.com or give us a call on 8410 9069 to arrange an appointment for an online interview.

Please note that this article does not constitute legal advice and Straits Lawyers will not be legally responsible for any actions you take based on this article.