A will is a complex legal document that outlines many details of what will happen to you and your estate after you pass away or become incapacitated.
However, many people have the wrong idea about the finer details of wills. Here are several common myths about wills:
#1. You don’t need a will
While it’s true that, without a will, the state will step in to distribute your estate, it likely won’t be to your wishes. Many people don’t realize that the state, typically, won’t consider any unofficial notes about who should inherit from you. Instead, they’ll likely make their decisions with what limited information they have about you and your family.
#2. Your will never needs to be changed
It’s common to think that, once a will is made, you don’t need another. However, many things in your life can change and that might mean you need to make updates to your will. For example, if you recently had a child, you may want to name a guardian in the event a tragic accident happened and you weren’t able to care for them.
#3. You only need a will when you’re old
While a will is often beneficial for people who are getting up in years, it also has a few key details that can help you while you’re younger. As stated above, you may want to include a child guardian. Additionally, you can include a power of attorney to handle your personal matters if you’re incapacitated, for example.
#4. Wills avoid probate
One important thing to know is that most wills have a probate process. This is a fairly standard process to ensure a will is valid. It also gives an executor of the estate time to contact interested parties, collect death certificates and other important matters.
#5. You won’t have any problems making your own will
Many people make their own wills. However, wills have a bevy of details and legal verbiage that the average person isn’t aware of, which, if missing, could invalidate it. In other words, it may be best to reach out for legal help when making a will.