A will is an estate planning document that allows you state your wishes regarding the distribution of your assets after you die. If you want to establish a will soon, you should learn about the facts, as there is a lot of misinformation out there. Here are some common myths about wills that you should not believe.
- When I Die, My Debts Will Disappear. This is not true. When you die, your debts just don’t go away. If you have outstanding debts at the time of your death, they will have to be paid from your estate funds. After your debts have been paid, the remainder of your estate will be distributed in accordance to the wishes stated in your will.
- Only Older People Need Wills. Unfortunately, too many people put off establishing a will. They may assume they don’t need one if they are young and healthy. However, life can be unpredictable. Young and healthy people can develop unexpected illnesses or get into serious accidents. That is why you’re never too young to think about estate planning. It is better to start too early than too late.
- If My Family Knows My Wishes, I Don’t Need a Will. It is not a bad idea to discuss your final wishes with your family members. However, that does not mean that you don’t need a will. Even if you think you have clearly stated your wishes to your relatives, arguments can still occur. If family members disagree with each other, it can make the entire situation more stressful. If you have a proper will in place, disputes are less likely to arise.
- If You Have a Will, Your Information Remains Private. This is another myth. If you establish a will, your estate will have to go through probate, which is public record. Anyone will be able to find out how much is in your savings account, the value of your stocks and other private financial information.
- If You Die Without a Will, the State Gets Everything. Fortunately, this is not true. If you die without a proper will in place, your spouse and kids will likely be the first in line to inherit your property. However, that doesn’t mean it’s not necessary to write a will. If you want people other than your spouse and kids to inherit your assets, you’ll want to have a will. For example, you might want your best friend to inherit your jewelry.
- Creating a Will Takes Too Much Time. If you decide to create a will using DIY software, it might take you a while. However, if you hire an experienced lawyer to draft your will, the document can be completed much quicker. Although it will cost more money with a lawyer, it can save you a lot of time and stress.