5 Common Myths About Wills Debunked

A last Will and testament is a legal document that dictates the final wishes of someone who has passed on. Most people have heard of this type of document before, but many don’t know how they work, what they can and cannot do, and how they function in the legal system. In order to assist with this, we want to clarify some of the myths about wills and debunk those that have been circulating for a long time.

IMAGE: PEXELS

1. My Spouse Automatically Gets Everything

Some people are under the false impression that their spouse will automatically inherit all of their assets when they pass on even if they do not write a Will. You should not assume that your spouse will receive everything that you own if you pass on without a Will.

There are certain assets that are considered joint assets that your spouse will get for sure, but you shouldn’t assume that all your assets will automatically go to your spouse just because you are legally married. This is often the case, and it is best to get this cleared up by getting your Will set up ahead of time.

2. Wills Are For Older People

There is another trope out there that Wills are meant solely for older people, and maybe even just for those with a terminal illness or something else that has them afraid that they may pass away soon. However, this is not the case at all. It might be particularly pressing for someone with a medical condition to seek help, this is not to say that Wills are only intended for older people.

Unfortunately, none of us knows precisely when we will pass on from this world, and it is a major risk to leave without a Will. You can get a living will set up at any age once you reach adulthood, and you should consider doing exactly that. In fact, you may want to get one set up as soon as possible and then just update it throughout your life as warranted.

There is something truly empowering about knowing that you have your Will set up in your back pocket and ready to go whenever you need it. Do not allow yourself to think that you don’t need one because of your age or health status.

3. Avoiding Lawyer’s Fees Makes Sense

This is NOT a good idea. You might think that you want to skip out on paying lawyer’s fees and try to handle your Will all on your own, but that is not a good plan. The biggest part of the problem here is that you will likely make mistakes that could have been caught and prevented if you had just used a lawyer in the first place. It is not good to put together a Will without an attorney just to try to save a little bit of money when it becomes clear that you have made mistakes.

Think about everything that is at stake when you make a Will, and then realize that you are potentially making a major mistake with your money if you do not take the time to get a lawyer hired for making your Will.

Yes, lawyer fees can add up quickly when you are processing a Will, but that amount of money will be of no consequence to you when you stack it up against the amount that goes into your Will. You must think about things like this if you are going to get serious about preserving the assets that you hold near and dear in your Will.

4. Leaving Too Much Will Prevent Someone From Making A Claim On My Estate

No, there isn’t an amount that you can leave someone that will prevent them from making a claim on your estate. Truthfully, anyone can make a claim on your estate after you have passed. They may or may not have their claim validated by the court, but anyone is allowed to make such a claim if they wish.

You should not be afraid of leaving people the amount of money that you would like to leave them. If you think that leaving them too much is somehow going to prevent them from making a claim on your estate at a later time, you are likely wrong about this assumption.

Keep in mind, that the courts are set up to try to find the justest outcome for all parties involved, and that means they will want to make sure you don’t leave anyone with the short end of the stick. Just set up your Will how you want it to be set up, and then allow the process to do what it is going to do.

5. Someone With Memory Loss Cannot Create A Will

This isn’t always the case. There are situations when someone may be deemed unable to handle their own affairs or create their own Will, but that doesn’t mean that, literally, anyone who is diagnosed with some form of memory loss will fall into that category. You should look at each situation very carefully and make sure you know what your rights are and what the rights of your loved ones are.

It may be necessary to produce a medical report that indicates that the patient has met all of the necessary criteria to be allowed to sign their own Will, but you can certainly get that done if you are diligent about getting to that paperwork ASAP.

Do not cut yourself any slack and make sure you are working as hard as possible to get the care for your loved one that you know that they need. That said, getting a Will signed may also be something that brings them comfort and helps them get through everything that they are contending with at this time.

Conclusion

There is no time like the present to look at the myths about last Wills and see if you can put some of those to rest so that you are only dealing with information that is real and true.

IMAGE: PEXELS

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