10 Myths About Last Wills And Testaments

10 Myths About Last Wills And Testaments

Don't let common misconceptions about Last Wills and Testaments keep you from planning for your family's future. Read on to learn the truth about some of the most pervasive myths surrounding this important document.

  1. I don't need a Will because I don't have much money or property.

  2. I'm too young to need a Will.

  3. Creating a Will is expensive and complicated.

  4. If I die without a Will, everything will go to my spouse automatically.

  5. My children are all adults, so they don't need to be included in my Will.

  6. I don't need to update my Will very often.

  7. Naming a beneficiary on my financial accounts is the same as having a Will.

  8. If I move to another state, my Will is still valid.

  9. My Executor can do whatever he or she wants with my estate after I'm gone.

  10. 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.

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