Wills are a subject that not many people like to talk about. After all, thinking about your mortality can be a downer. However, establishing a solid will is something that everyone should take seriously. With a will in place, you’ll know that your family members will be taken care of. It’s important to educate yourself as much as you can about wills and be able to separate fact from fiction.
Here are the most common myths about wills:
The States Get Everything If You Don’t Have a Will
This isn’t true. If you die without a will in place, you don’t have to worry about the state taking your assets. While the rules vary from state to state, your spouse and children will be the first people to inherit your belongings if you don’t have a will. The only way your assets would go to the state is if no surviving relatives can be found.
Making a Will Is Too Time-Consuming
If you’re like many people these days, you’re pressed for time. Between work and family obligations, it doesn’t seem like you have much time to do anything else, including writing a will. However, if you work with an experienced estate planning lawyer, you can establish a will in no time. After obtaining information from you, your estate planning lawyer will do all the legwork so that you can concentrate on your other duties.
Once You Establish a Will, You’re Done
Another common misconception people have about wills is that once you make one, you don’t have to touch it again. However, it may be necessary to update your will several times in your life. Whenever there’s a major change in your life, such as a divorce or the birth of a child, you should update your will.
You Only Need to Write a Will When You’re Older
Many people are still under the false assumption that only older people need to write wills. However, if you have any significant assets, such as a home, it’s important to have a will, regardless of your age. That way, your assets won’t end up in the wrong hands. It’s also important to have a will if you have minor children. You can appoint the person you want to be their guardian if you die unexpectedly.
Hiring a Lawyer for a Will Isn’t Necessary
While it’s possible to create a will on your own, it isn’t recommended. Wills are very complicated documents and it’s easier than you think to make mistakes. If you hire an experienced will lawyer in Northwest Suburbs Chicago, he or she can complete your will in a timely manner and ensure the document states all your wishes.
Thanks to Bott & Associates, Ltd. for their insight into estate planning and myths about wills.