We all know that wills are important, specifying what you wish to happen to your estate after your death, but interesting facts abound on the topic of wills that not everyone is aware of.
Over half of all adults don’t have a will
Interestingly, around 54% of adults don’t have a will in place. Perhaps this is reflective of the fact that many people find it to be a difficult topic to discuss.
Misunderstandings abound
It is a common myth that your spouse will automatically inherit everything; however, it is not so straightforward, particularly if you have children. In this case, your partner will only automatically inherit the first £250,000 if you do not have a will in place.
A will is not the same as an LPA
A will only specifies what happens in the event of a death. An LPA, on the other hand, allows you to nominate a trusted person to make decisions for you while you are alive but have lost capacity owing to illness or an accident. It is easy to arrange an LPA online through a specialist such as //powerofattorneyonline.co.uk.
Charitable giving
You can specify that you wish your estate to be left to a charity or organisation of your choice; what’s more, any charity listed as a beneficiary is exempt from paying inheritance tax on the windfall.
Old phrases
You may have heard the phrase ‘pop your clogs’ when someone dies, but do you know the fascinating origins of this? Clogs were once deemed essential, and ‘popping’ was old English for ‘pawning’. This phrase literally meant ‘pawn your shoes’, as you no longer need them after death. How cheery!
A patriotic donation
Lastly, enjoy the story of an unnamed donor who, in 1928, left the enormous sum of £500,000 to be put towards clearing the national debt. Over time, this has amounted to £350,000; however, as the will specified it must be enough to clear the entire debt, the money has not yet been used.