- I don't need a Will because I don't have much money or property.
- I'm too young to need a Will.
Creating a Will is expensive and complicated.
- If I die without a Will, everything will go to my spouse automatically.
- My children are all adults, so they don't need to be included in my Will.
- I don't need to update my Will very often.
- Naming a beneficiary on my financial accounts is the same as having a Will.
- If I move to another state, my Will is still valid.
- My Executor can do whatever he or she wants with my estate after I'm gone.
- I don't need a Will because I trust my family to handle everything.
Video: 10 Myths About Last Wills And Testaments
While it's true that many people die without having created a Will, that doesn't mean it's not a good idea to have one. A Will allows you to specify how you want your assets divided after your death, and can help avoid conflict among your loved ones. If you don't have a Will, state laws will determine how your property is distributed, which may not be in line with your wishes.
Creating a Will doesn't have to be complicated or expensive. There are many online resources that can help you create a basic Will for a very small cost. And while it's important to update your Will periodically as your circumstances change, you don't need to do so every time something in your life changes. A good rule of thumb is to review your Will every five years or so, or whenever you experience a major life event, such as getting married, having a child, or buying a new home.