Since our first hospice in Birmingham opened it’s doors in 1988, gifts in Wills have played an important part in funding the specialist care provided by Acorns to children and young people with life limiting or life threatening conditions. The need for children’s hospice care never stops which is why we are here to provide specialist palliative care 24 hours a day, 365 days a year. With demand for services rising, gifts in Wills to Acorns have never been so important and ensures Acorns is always there for children and families that need us.
There are many reasons to consider writing a Will. You may have children, concerns about inheritance tax, your circumstance may have changed, you have specific funeral wishes, gifts to family, friends, charities close to your heart, or you may not be married to your partner. Below are our top 10 misunderstandings about making a Will and why it is important to do so.
1.Wills are for the rich, I don’t have anything to give
Whilst you may not own your own home or have lots of money stored away for your loved ones to inherit, you almost definitely have something that is worth giving. Whether this is some money in the bank, jewellery, or even items that are purely sentimental to you. It is important you make sure the assets you do have are given to those you wish.
2. My family will sort everything between themselves once I’m gone
Unfortunately, if you die without making a Will your family does not have the right to distribute your estate the way you may have hoped. Your estate would pass according to the rules of intestacy, which means the government will write a Will for you. To guarantee that your assets pass down to who you want them to, you must have written a Will.
3. Once I have written a Will it can’t be changed
This simply isn’t the case as many believe, as long as you retain the capacity to make a Will you are free to change, revoke, or write a new Will at any point.
4. Making a Will is morbid
Although the thought may seem daunting, the process of writing a Will does not have to be a saddening experience. Making a Will can give you peace of mind knowing your affairs will be in order. You will also be sure that your family or those who are important to you will be taken care of.
5. Wills are for the elderly or the ill
Wills are for everyone over the age 18. A Will is also an important and useful document to appoint guardians if you have minor children.
6. Making a Will is complicated
The law firms Acorns has partnerships with our professional and highly skilled Will writers that can help you through every stage.
7. I don’t need to make a Will because I’m married, everything will go to my partner
Without a Will, it is not guaranteed that your spouse will inherit your entire estate and assets. A process through the rules of intestacy will determine the distribution of your assets. How much you are worth and whether you have children are factors that will also affect the process.
8. I already have made a Will I don’t need a new one
Even if you have already created a Will, it is useful to keep it under review every three to five years. This is to make sure that it still matches your personal circumstances and wishes.
9. My debts will die with me
Unfortunately, this is not true. Any outstanding debts will need to be paid from your estate upon your death. By creating a Will, you can direct where your assets will pass on to, so they don’t end up being sold to cover debts unless absolutely necessary.
10. If I have a power of attorney, I don’t need a Will and my attorneys will deal with my estate after my death
A lasting power of attorney only allows your attorneys to handle your affairs during your lifetime and will end upon your death. The arrangements of your Will are then only valid when you die therefore, creating a Will enables you to decide who deals with your estate.
For more information about Gifts in Wills, their importance to Acorns, or any other questions, please visit www.acorns.org.uk/legacy or contact the Legacy Team on 01564 825039 or email legacy@acorns.org.uk
