Forbes estimates that over half of Americans over the age of 55 don’t have a will. Caring.com found that only about 42% of adults in America actually have a will. Whether you’re 25 or 65, you should consider your future. More specifically, a future without you in it. No one likes to think about their mortality, but the truth is that no one knows when life will end. You can leave your heirs in a better position if you have a will that outlines how your assets are to be handled. Here are three myths about wills that can help you decide how to be proactive about the future.
Myth 1 – I Can Draft a Will on My Own.
Wills are usually straightforward documents that many people choose to create on their own or with the help of a template. You may think that it would save money to create a will without a lawyer. Estate planning is complex, though. Truthfully, many people think that they can make a will at any time, so they put it off. Taking the time to have an estate planning attorney, like an estate planning attorney in Mesa, AZ, help you through your estate plan makes it that much more effective.
Myth 2 – I Have a Power of Attorney, Living Will or Healthcare Directive. I’ve Told My Wife and Children How to Distribute My Assets. I Don’t Need a Will.
Some legal documents, a power of attorney or living will end in your death. A verbal will isn’t a substitute for a written document. Only a few states allow oral wills, usually under very certain circumstances. A judge may not rely on the verbal testimony of a beneficiary.
Myth 3 – I Don’t Need a Will Because I Don’t Have Children, I’m too Young, or I Don’t Have Many Assets.
Although there is some truth to not needing a will when you don’t have much money or you’re very young, you probably have more assets than you realize. A will gives you more control over what happens to your estate, but more importantly, it helps your beneficiaries deal with your debts and assets. Whether you’re young or old, you probably have a car. Who will deal with that on your death? Any bank accounts you have will have to be handled. A will helps the court know how to manage the details of your estate.
Be a Responsible Adult
Make an appointment with an estate planning attorney today to discuss your final wishes and get them on paper.
Thanks to Citadel Law Firm for their insight into some of the most common myths about wills.