Writing your Last Will and Testament seems quite overwhelming, especially when you're not a legal expert. You probably still have this somewhere in your list of priorities but still, have a few confusions preventing you from taking that next step.
Information on the internet is so vast and scattered that it becomes difficult to process. Let's face it; you have a busy schedule - you've got bills to pay and work that needs to be done. Doing all of this research is not something you can make time for every other day.
- Does a Will expire if it isn't filled immediately?
- What if I'm not sure how I want my assets to be distributed?
- Maybe I don't own much anyway; do I still need a Will?
Making estate planning less complicated is not a difficult task anymore. People just need to go to the correct platforms to bust the myths and create their will. Let's talk about a few common myths that we kept hearing that you might relate to:
"The Will expires unless it's filled immediately."
That's not true at all! A Last Will and Testament have no expiration date.
Also, once you have a Will, it's next to impossible to sell or transfer the title of your assets without executing the wishes you have outlined.
The probate process must be followed, and if the executor does not file your Last Will and Testament for personal gain, they may even face criminal prosecution. So, your estate will remain in your name unless the Will is executed and proceeds with the probate process.
"I don't have many assets, so I don't need a Will."
Making a Last Will and Testament is not limited to the rich folks with a lot of property and money in the bank. It's a document that everyone should make, and here's why:
- You're able to assign legal guardians who would take care of your kids
- Write your funeral instructions,
- Lower the risk of family disputes
- Pass down your digital accounts such as social media,
- Provide a home for your pets and much more!
"My family knows what I want; I won't need a Will."
That's great! But unfortunately, they don't get to make the decisions. The state court will inevitably decide on how to distribute your assets according to intestacy laws.
The legal system does not know what you would've wanted, so it's best to make a Last Will and Testament and clearly outline your wishes. This will ensure the protection of your family's future and save them a lot of time and money, which would go into legal fees from your estate. Also, talking Estate Planning with your partner can help align your goals about your financial future.
"I'll make a Will later. I'm too young to think about this now."
Fair point. But do you have any money in the bank at all? What about any property that you own or might inherit? Maybe none of these apply, but who would care for your parents? Or your pets? The point is that everyone has something or someone valuable in their lives.
If you're above 18, you should create a Will soon.
Besides, it's great to start early. You'd have a good understanding of the process and all the legalities for future reference when you're older and need to make changes. This topic will not be alien to you, and you'll always be ready for it. Learn more about why you should make a will.
"What's the point? No one will follow what I write in my Will."
That's actually impossible. A Will is a legally-binding document that MUST be followed by the court & your family unless it can't be found and nobody knows about its existence.
Make sure you choose the executor wisely who would take the responsibility of ensuring that your Last Will and Testament get filed in court. Once that's done, the state must abide by the instructions you have laid down in the document.
"I have to find a lawyer to write a Will."
Try answering these follow-up questions:
- "Are you sure that there will be legal complications and litigation when you're gone?
- Is your estate extremely large and complex in nature?"
If the answers to these questions are "yes," you might benefit from consulting a lawyer.
Typically, getting legal counsel from an attorney and then crafting a Will-based Estate Plan can cost $1000 or more.
An online Last Will and Testament made by you is equally as valid as one that a lawyer will draft on your behalf. You don't require perfection; you just need what's perfect and ideal for your situation. Doing it yourself will save you time and a lot of money!
"A Will is a one-time thing. I'll write it when my mind is made up."
Most definitely not. Change is the only constant in life, and that applies to your Will as well. An estate plan is not a one-and-done thing; you always have the option to make updates to your Last Will and Testament at any point in time, which would be indicative of changes in your life & relationships.
"Making a Will is too expensive and complicated."
You would've probably been right if you said this same thing 20 years ago.
Estate Planning traditionally meant spending days away from work in a lawyer's office to understand the legalities. You're flying blind into these meetings about the final cost, which can go into thousands of dollars!
Today, with the help of technology, you're able to make an online Will from the comfort of your home and at your own pace without making a hole in your wallet.
You should create an online last will now and avoid worrying about an uncertain financial future. Use the online platforms to make the process easy, simple, and affordable!