Common Myths About Wills & Probate: Your Questions Answered

At Hopkins Solicitors, we regularly speak with clients who are unsure about how Wills and Probate really work. Here, we answer some of the most frequently asked questions and clarify common misconceptions.

“If I have a Will, my family avoid needing Probate”

We highly recommend you have a Will, however, this does not automatically mean your estate will ‘skip’ the need for Probate

A Will still needs to be validated by the Probate Registry before your executors can act on it. This legal process is what gives them the authority to deal with your estate.

What a Will does do:

• Speeds up the probate process
• Clarifies your wishes
• Reduces the risk of disputes

If you have any of the following, Probate is likely to be required, even if you do have a Will:

• Property in sole name
• A share in a property held as Tenants in common
• ISAs in sole name of significant value
• Bank accounts in sole name of significant value
• Shares or Premium Bonds of significant value

“If I gift my house and survive 7 years, it’s out of my estate”

The 7-year rule is very real. If you want to make gifts to your family of more than £3,000, you will need to survive for seven years after gifting, otherwise it could potentially be liable for Inheritance Tax – but it’s not that simple.

If you give away your home but continue to live in it, it’s known as a “gift with reservation of benefit”. That means HMRC will still treat it as part of your estate when you die – even after 7 years!

How can you avoid “Gift with reservation of benefit”?

• Paying full market rent to live in the property
• Proper estate planning advice tailored to your situation

Don’t forget: Gifting your home is a big decision. Make sure it actually achieves the outcome you’re aiming for, and you have considered all the implications that come with it.

“I don’t need a Will – everything goes to my spouse / civil partner anyway”

Not necessarily

If you die without a Will, the rules of intestacy decide who gets what, your spouse might not automatically inherit everything, especially if you have children or own property jointly with others.

The Rules of Intestacy dictate how a person’s assets are divided and distributed if they die without a valid will.

By having a Will you can:

• Ensure your spouse is fully provided for
• Avoid family disagreements

A Will isn’t just about money, it’s peace of mind for the people you care about.

“DIY Wills are fine — I can just write my wishes down”

Wills need to follow legal rules to be valid and many handwritten or DIY Wills end up being challenged or rejected.

A professionally drafted Will protects your wishes and your family. Organising your Will now can cost your loved ones a lot later.

“If I leave someone £1 in my will, they can’t contest it”

Truth is: anyone can contest your Will, although how likely they are to succeed can vary drastically.

Leaving someone a “token” sum doesn’t stop them from challenging your Will. If someone believes they were financially dependent on you, or the Will doesn’t make ‘reasonable provision’ for them, they might still bring a claim under the Inheritance Act.

What helps reduce the risk of disputes?

• Taking proper legal advice from a trusted advisor
• Including a detailed letter of wishes within the Will
• Consulting regularly with your legal advisor to keep your will up to date

“Only wealthy people need a Will”

Wills aren’t just for the wealthy; they are for everyone

Even if you don’t have a large estate, a Will allows for you to:

• Nominate guardians for your children
• Avoid family conflict when assets are being divided
• Make sure possessions go to the right people

If you care what happens to your money, belongings, or loved ones after you pass, a Will matters.

“I did a Will years ago, I don’t need to do anything now”

You don’t HAVE to do anything once you have made your first Will, but you run the risk of legal disputes, incorrect asset division and increased inheritance tax burdens.

Wills SHOULD be reviewed regularly, especially after big life events like:

• Marriage or divorce
• Birth of children or grandchildren
• Buying or selling property
• A significant change in finances

We recommend that you review your copy of your Will every 3-5 years. Alternatively, if you would prefer, come in and see one of the team to discuss your options.

Need help or advice?

Whether you need to make a Will from scratch, update an existing Will, handle Lasting Power of Attorney or deal with Probate, our expert team at Hopkins Solicitors can support you through the entire process, ensuring that your assets are secure and divided fairly.

Visit our website https://www.hopkins-solicitors.co.uk/ to submit a Callback Request form or call us on 01623468468. Alternatively, if you would rather book an appointment in person, please visit one of our six different offices located around Mansfield, Ashfield, Nottingham and Heanor.