We all have a list of chores to complete, and many of us may not
look forward to doing every task. This could be said about drafting a
last will and testament - we know it is a necessity, but who wants to
think about what will happen after you die? You may try to defer getting
this done by convincing yourself of some popular myths about last
wills, but it is important you do not put this off.
Let's take a look at the more common myths associated with drafting a will, so you can understand better why these documents are crucial for your estate planning.
1) Wills are only for the rich.
Ever watch a movie or TV drama where all the relatives of a deceased billionaire are gathered in a wood-paneled office for the reading of the will? You might assume that a will is necessary only if you have lots of money and a huge mansion. In truth, even if you die with only a modest home and a few thousand dollars in the bank, you should designate what happens to your possessions. No matter the state of your income at the time of your passing, you need legal documentation that disperses it according to your wishes.
2) My family isn't going to fight over my things.
Life with your family may seem picture perfect now. Everybody gets along, and there are no arguments. Nothing should change once you're gone, right? Perhaps not, but having a will that specifies your last wishes can greatly reduce headaches and the potential for soured relationships. Let's say two members of your family want to claim a certain keepsake of yours and you voiced no intentions for it while you were alive...you will be surprised to know how quickly a rift can happen over a coveted watch or ring, or even china. Draft your will now and save your loved ones the frustration.
3) The government's just going to take all the money anyway.
Are they really? If you have properly prepared for your golden years and have arranged for your debts to be managed, you may have assets left that you'll want for your family. Without a will, the question of who receives what can get tied up in court, resulting in more expenses for your family. Consulting with an attorney who specializes in estate planning will dispel any myths for you.
For the sake of your family and legacy, get your last will and testament settled before it is too late. Go with the peace of mind that your final wishes are carried out.
Let's take a look at the more common myths associated with drafting a will, so you can understand better why these documents are crucial for your estate planning.
1) Wills are only for the rich.
Ever watch a movie or TV drama where all the relatives of a deceased billionaire are gathered in a wood-paneled office for the reading of the will? You might assume that a will is necessary only if you have lots of money and a huge mansion. In truth, even if you die with only a modest home and a few thousand dollars in the bank, you should designate what happens to your possessions. No matter the state of your income at the time of your passing, you need legal documentation that disperses it according to your wishes.
2) My family isn't going to fight over my things.
Life with your family may seem picture perfect now. Everybody gets along, and there are no arguments. Nothing should change once you're gone, right? Perhaps not, but having a will that specifies your last wishes can greatly reduce headaches and the potential for soured relationships. Let's say two members of your family want to claim a certain keepsake of yours and you voiced no intentions for it while you were alive...you will be surprised to know how quickly a rift can happen over a coveted watch or ring, or even china. Draft your will now and save your loved ones the frustration.
3) The government's just going to take all the money anyway.
Are they really? If you have properly prepared for your golden years and have arranged for your debts to be managed, you may have assets left that you'll want for your family. Without a will, the question of who receives what can get tied up in court, resulting in more expenses for your family. Consulting with an attorney who specializes in estate planning will dispel any myths for you.
For the sake of your family and legacy, get your last will and testament settled before it is too late. Go with the peace of mind that your final wishes are carried out.
Kathryn Lively is a freelance writer specializing in articles on North Carolina lawyers and Outer Banks lawyers who specialize in estate planning.
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