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News & Views

from the PAA team

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Estate Planning Myths that won’t go away

August 30, 20233 min read

Here are 4 myths that keep cropping up and what you need to know.

  1. You need money or property to write a Will.

  2. Wills are expensive and complicated.

  3. Your spouse will get everything.

  4. You only need to write a Will when you retire.

These four myths have to be some of the most frustrating things we hear when it comes to Wills. We often hear about ‘Dave’ from ‘down the pub’ who knows almost nothing about Wills but professes to be an expert. Our advice is that you seek legal advice about subjects as important as writing your Will and make decisions based on this.

That said, let’s dive into some of these myths and debunk them;

ONE: You need money or property to write a Will. NOT true. Wills are about so much more than just money. Ok, so they do have a vital function in passing your assets to loved ones but they also enable you to do the following:

  • Specify funeral wishes

  • Appoint guardians

  • Revoke previous Wills

  • Make provision for unmarried partners

  • Prevent family disputes

  • Appoint legal executors

  • Make provision for digital assets

  • State who will look after your pets

TWO: Wills are expensive and complicated. There can be some truth in this. Wills can be complicated legal documents BUT a good Will writing firm will explain your Will to you and they should outline costs before you decide what to do. They should also be legally qualified and adequately insured. It’s better to choose a trusted provider than one that offers no certainty or security.

At Philip Anthony Associates, we believe in charging fairly and offering the BEST possible advice and service. We are members of the BEST Foundation and The Society of Will Writers, our documents are drafted by STEP-qualified drafters and we hold insurance.

THREE: Your spouse will get everything. This myth refers to the view that without a Will, your spouse benefits from your entire estate. In estate planning, without a Will, your estate passes in accordance with the laws of intestacy and provision is made to your spouse BUT it depends on a couple of factors including the size of your estate. For more information on the laws of intestacy, give us a call and we’ll explain it to you.

FOUR: Wills are for ‘old people’ or you only need a Will when you retire. We are all living longer (on average) and Wills aren’t used until after we die BUT as we don’t know when that will be, and because some things happen unexpectedly, it’s better to be prepared and have something in place and then not worry about it. Remember also that some of the reasons why we need Wills include things like making provision for our minor children. This makes Wills for you younger people all the more important.

These are just some of the myths we hear or that grind our gears so we are on a mission to educate people about the key reasons why they should write a Will.

For more information about estate planning, speak to our friendly team. Our consultants are free and you’ll have all of the information you need to decide how to proceed.

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Phil Pamment

Hi everyone, I am Phil and I am the founder of Philip Anthony Associates. Philip Anthony Associates is a Will Writing and Estate Planning business based in Manchester and covering North Wales and the North West. We are passionate about providing our clients with the best possible service. This means tailored advice, affordable estate planning and Will Writing that will help, protect, preserve and pass on wealth through generations and to loved ones.

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