People make estate plans all the time. It’s so frequently done that nearly every question you have about the process can be found online.
However, the internet doesn’t always give the most accurate answers. As such, there are some facts about wills that you may be misinformed about. Here’s what you should know:
Myth 1: You don’t really need an estate plan if you’re young.
Truth: It’s commonly understood that, when someone dies without a will, the state typically steps in to administer an estate. While this may be some people’s preferred choice, it may not be yours.
For starters, without a will, your last wishes may not be met. That means if you want a family or friend to inherit something you believe they deserve, then you may need a will to ensure that happens. Likewise, if you suffer from injuries or medical conditions that leave you incapacitated then you may need a power of attorney. A power of attorney is an agent that’s named in your will. Their role is to handle any financial or medical matters that you wouldn’t be able to handle in your newfound condition.
Furthermore, if you have children, then you may want to ensure they’re protected and cared for if you suffer an early death. As such, you could name a child guardian in your will.
Myth 2: Wills can help you speed up inheritances.
Truth: Simply put, will have to go through probate. Probate is a process that is often used to validate a will, contact interested parties, allocate and distribute assets and much more. If you’re looking to speed up the distribution process, then it may be in your interest to make a trust.
Myth 3: It’s easier to just use a will template online.
Truth: One of the many options people have when planning their estate is using an online template. While it may seem cheap and easy, an online template isn’t a good choice. For example, because these templates aren’t always made by people who fully understand the law, there may be some key factors that are excluded that can jeopardize your wishes.
When looking to make your estate plan, you may need to consider your legal options. Finding out more can help you better understand what’s available.