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Common misconceptions about wills

On Behalf of | Nov 6, 2018 | Estate Planning

Estate planning is more important than most people think. Creating directions for your legacy is crucial for both you and your family. However, there are many misconceptions surrounding wills and estate planning. It is a complicated process and not everyone knows how to navigate it. Being aware of these misconceptions can help you avoid creating more problems for you and your family.

Here are four common misconceptions people have about wills and creating their estate plan.

It is not necessary to make one

One of the biggest misconceptions people have about wills is that they do not need to have one. Some people think that their family will just sort everything out by themselves, so it is not necessary to go through the work of creating a will. However, without a proper will in place, your family does not have the power to make decisions about what happens to your assets and affairs. In most cases, the law dictates what happens to your estate if you die without a will in place.

I can do it alone

There are many do-it-yourself will kits on the market today and many people think these are a good option. However, it is much better to create a will with an experienced attorney. These homemade will kits can create many problems because they are extremely broad. Having an attorney present who can help you navigate and personalize the process will save you and your family time and money in the long run.

It is simple

While many people want to believe that creating a will and estate plan is simple, the fact of the matter is that it is a complicated process. People might think that creating their will is easy because they will leave everything to their spouse or children. However, it is not that straightforward. There are many contingencies you will need to plan for. If your spouse gets married or if your children get into financial trouble, you can plan for these events in your will.

Everything is taken care of in a will

Unfortunately, creating a will is not an end-all be-all solution for estate planning. While having a will helps solve many estate-related issues that could arise after you die, it does not account for everything. There are certain assets that are not accounted for in a will such as family trusts or family-owned businesses. You will need to take additional steps in order to account for everything in your estate. However, a will is still an important part of your estate plan overall.

This information might be overwhelming, but do not let it deter you from getting started with your estate plan. Though it is not very pleasant to think about, creating a will and estate plan is crucial and there is no better time to begin than now.