The Facts About 5 Common Myths Regarding Wills
Many different obstacles hold Americans back from writing and completing a legal will. Some concerns are valid, but many others stem from misunderstandings about the estate planning process. How can you separate the true from the false? Here are a few common myths that you may have heard — and what you should really know about them.
1. Wills Are Hard to Change
If you have a will from a number of years ago, your situation may have changed significantly. Kids may have grown up, you may have bought property, or maybe you've started a business. If you should update that old will, how hard will it be? In fact, it doesn't have to be a chore. Some changes can be made through memorandums outside the main document. And in many cases, only specific elements need to be changed — like naming guardians for children — and the rest can stand.
2. My Spouse Gets Everything Anyway
Many couples plan to give their assets to their spouse for the person's support or support of their children. But the best way to do this is by stating it in a will. Wills speed up the transfer of assets, possibly even allowing your executor to use a streamlined state process. And state intestate inheritance rules vary by state and are altered at times, so they may not distribute your assets the way you expect.
3. Wills Are Complicated
A will doesn't have to be too complex. An experienced attorney can guide you through making the major decisions and has all the legal language and formats already in place. And if you only want to concern yourself with a few major assets, you can make your wishes as simple as you like. Your attorney may also be able to do much of the research and legwork involved in handling complex assets like a business.
4. Wills Avoid Probate
Most people rarely go through the probate process, so it can be daunting. Writing a will doesn't allow your estate to skip probate entirely, unfortunately. It's a way of navigating probate, though, making it smoother, faster, and easier. There are a few other ways to avoid probate, including using trusts, so you might add these to your estate plan.
5. My Out-of-State Will Is Legal
State law provides for honoring legal documents drawn up in other states. However, because each state has its own inheritance rules and legal requirements for wills, you should update an out-of-state will as soon as possible. For example, some states accept holographic wills while others do not. Failure to abide by the rules of your current state may result in the will being thrown out by the probate court.
Where to Learn More
There are many more popular misconceptions surrounding wills and other estate planning tools. Do you have questions about these or other things you've heard? If so, start by learning the facts in consultation with an estate planning attorney in your state today.
For more information, contact a local law office like Wright Law Offices, PLLC.