3 Common Misconceptions About Wills/Estate Planning
Most people do not want to think about passing away. However, it is a real part of life that requires proper understanding and planning, especially when it comes to your finances. If you have a family, making sure you prepare for them financially is even more important for not only their well-being, but also for your peace of mind. This guide will help you understand the estate planning process by learning the truth behind a few common myths.
You Can Write a Will
There is a common misconception that really all you need is a last will and testament. This simple document can be written on a cardboard box or piece of tissue in most cases, but that does not mean it will hold up in a court of law.
If you have complicated matters regarding your estate, it is best to contact a lawyer to help you design and legalize your will. For example, the will should include your final wishes, such as whether you want to be buried or cremated, and how you want your money and other assets divided among family members.
Trusting the professionals for your will and estate planning will ensure it is completed in the most legal and effective manner possible, thus reducing stress on your family members after you pass away.
Wills and Living Wills are the Same
Another myth people believe is that wills and living wills are the same. In reality, they are very different.
A will contains information that you want to occur after your death. For instance, how you want to be buried and who in the family is the beneficiary of your estate.
A living will, on the other hand, contains your wishes that need be heard while you are alive. If you are in the hospital or ill and unable to communicate your wishes about your medical care, the living will is essential. Remember that a living will only comes into play when you are living yet unable to make decisions or communicate in anyway about your medical care.
Only the Rich Need a Will
Lastly, many people believe that only rich people need a will.
A will is important if you have a great deal of assets, such as cash, jewelry, collectibles, real estate, stocks, and bonds, which is common with rich people, but everyone can benefit from having a will in place.
The will reduces any confusion or arguments on how your final wishes will be handled, whether you are rich or not.
For more information on estate planning, which includes designing a will and living will, talk with an estate attorney today.