People need to keep close eyes on their wills throughout the years. Financial abuse related to wills has become increasingly common, and adults need to ensure they update their wills periodically even if no major life changes have occurred.
It is important to review a will often, preferably with an attorney by your side. Many people end up making mistakes that end in disasters when it comes time to divide assets. Make sure you separate fact from fiction and talk to your parents about these myths so that they know what to correct themselves.
Myth #1: You do not need help writing a will
You can find plenty of templates online to help you write a will. However, the truth of the matter is that everyone’s situation is unique. Numerous factors need to go into a will, and there may be certain points you overlook. Ultimately, it is best to have a lawyer assist you. It honestly does not cost that much to have an attorney help you.
Myth #2: Your loved ones know what you want, so you do not need a will
A verbal agreement will not hold up in a court of law. Even if you have told people what you want to do with your assets, you still need that information notarized in a physical document. This also reduces the chances of there being a misunderstanding.
Myth #3: Debt dies with you
Unfortunately, debts do not go away upon a person’s passing. Your will needs to take debts into consideration because money from your estate may need to go toward paying them off. This can impact how much you can give to your spouse, children and other family members.
Myth #4: You are too young to get a will
Many young people do not get a will or acquire a life insurance policy because they believe it is superfluous. The truth of the matter is that it is always preferable to have a will just in case the worst happens. People as young as 18 can make a will, and it is a good idea to make one once you marry or have children.