Most people have a basic idea of what a will is and what it does. However, myths about the topic persist.
These are three of the most common myths about wills.
1. Only senior citizens and sick people need wills
While everyone hopes they will not need a will until they are very old, sometimes unexpected illnesses or accidents happen to younger people. This is why even young, healthy people should have a will.
2. Only rich people need wills
Even people who do not have a lot of assets should have a will. If you have children or pets, you need to make it known who should care for them if something happens to you. If you have a spouse, your will specifies which property goes to your spouse if you die. This is particularly important if you have children from a previous marriage.
3. I do not need a will because my family knows what I want
You may think your family knows what your wishes are and that they will go along with them, but disputes over estates are not uncommon. Creating a will allows you to ensure that your executor will distribute your assets the way you want and takes some of the burdens off your grieving family.
When people die without a will, it often creates avoidable problems for surviving family members. Even if you think you do not need a will, consider meeting with an experienced estate planning attorney about preparing one. Having a will provides you and your family with protection and peace of mind.