Busting five common myths about Wills
By Cristian Angeloni, 6 Nov 19
As mutual insurer Royal London discovered 57% of Brits don’t have one
Click through the slides below to find out more
Personal relationship troubles do not create a legal basis, so people should state in black and white what they would like to do with their assets after their passing.
If I’m estranged from my family, they won’t inherit my assets.
In Scotland, you cannot legally remove your spouse or children as beneficiaries even if you have a Will which doesn’t include them. Even if you are estranged from your family, they can still claim on your assets.
Research reveals that two thirds (65%) of UK adults do not know this is the case in Scottish law, and only one in five (21%) of those living in Scotland are aware that this rule applies in the country, compared to 8% of all UK adults.
Mona Patel, consumer spokesperson at Royal London, said: “Not having a Will in place can lead to all sorts of complications, many of which the general public are not aware of.
“But even with a Will in place, there are misconceptions around what happens to your assets when you die.
“It’s important to not only write a Will, but also to make sure it reflects your wishes and to keep it up to date if your circumstances change.”
Tags: Royal London | Wills And Trusts
