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Debunking common myths about wills

On Behalf of | Jan 19, 2024 | Estate Planning |

When it comes to wills and estate planning, misconceptions often circulate, leading people to make ill-informed decisions. Yet the topic is too important to brush aside.

To improve your understanding of why you need a will, it is necessary to unravel the truth behind some of the most common myths surrounding these important documents.

Wills are only for the wealthy

Contrary to popular belief, wills are not exclusive to people with a lot of money. Regardless of your financial status, having a will is the simplest way to make your wishes known, no matter the size of your estate.

Wills are set in stone

Some people believe that once you draft a will, it cannot change. However, life is dynamic, and circumstances may evolve. It is wise to review and update your will periodically, especially after significant life events such as marriages, births or the acquisition of new assets.

Wills only matter for the elderly

Age is not a determining factor when it comes to creating a will. Accidents and unexpected events can occur at any stage of life. Having a will in place ensures respect for your wishes, providing a sense of security for you and your loved ones.

Single people do not need wills

Single individuals often assume that wills are only necessary for married couples or those with children. However, everyone, regardless of marital status, should have a will. It ensures asset distribution according to your preferences and avoids potential legal complications.

Wills are just about money and property

While wills address the distribution of assets, they encompass more than just finances. Wills also allow you to express your wishes regarding guardianship for minor children, designate an executor for your estate and even outline your preferences for your funeral arrangements. Additionally, they can address the distribution of prized personal possessions that have more sentimental than monetary value.

Perhaps because of the persistence of some of these myths, a 2021 Gallup poll found that only 46 percent of U.S. adults have wills. Despite this statistic, it is important to recognize that creating a will is a responsible and accessible way to safeguard your wishes and provide peace of mind for yourself and your loved ones.