Have you created a will yet? If not, what are you waiting for? This is one of the most important documents you can have to your name in your life. Why? A will protects you, your spouse, your children, your grandchildren, your assets and anything else you’d like to include. Today, we will look at some common myths about creating a will.
Myth #1: A will is for the rich.
The most common myth about wills is that they are only for the rich. You don’t have to be rich to create a will. It doesn’t matter what your income is, how much you have saved or if you come from a rich family; everyone should have a will once they reach adulthood.
Myth #2: A will prevents probate.
Another common myth is that a will helps to prevent probate. This is not the truth. If you want to avoid your estate going through probate, make sure you create a living trust. A living trust transfers property you hold and include in the trust to your beneficiaries.
Myth #3: Once the will is created, I am set for life.
You must avoid this myth at all costs. Do not simply create a will and then put it in a drawer and never look at it again. This can be costly. There are many milestones in life that should lead you to update your will accordingly.
Creating a will can help save you and your loved ones much stress and heartache later in life. There’s so much you can protect with a will, including who will receive what asset of yours upon your death. Ignore the myths out there and create a will as soon as possible.