Writing a will is the only way to ensure that your wishes will be respected after you’re gone, providing peace of mind to your loved ones and preventing the kind of disputes that can tear families apart. Unfortunately, a wide variety of misconceptions can keep people from preparing a will or make critical mistakes that could compromise their estate plan. Below are some of the most common, dangerous myths about writing a will.
4 Popular Misconceptions About Estate Planning
1. Verbally Expressing My Wishes to My Family Is Good Enough
Even if your family members intend to follow your wishes as you’ve expressed them, they may lack the legal authority to do so without a will. The laws of your state actually dictate how your estate will be divided after you’ve died, which may not be as you’d intended.
2. My Family Won’t Argue Over My Assets
After the death of a family member, emotions run high, which means even tight-knit families can be drawn into extended legal battles over a loved one’s assets. Writing a will can prevent these fights before they begin.
3. I Can Prepare a Will Myself
If your will is overly broad or some assets are left out, you may inadvertently create significant problems for your beneficiaries. Even if you don’t have a considerable estate, you should still consult a legal document preparation professional to ensure your will completely and accurately reflects your wishes.
4. I’ll Just Leave Everything to My Spouse
Even if you believe your estate is extremely simple, it may be more complex than it initially appears. A well-prepared will ought to include provisions that protect your legacy and pass it on to your children if your spouse remarries and starts a new family.
The professionals at We The People of NY have been helping New Yorkers prepare legal documents up to court standards, including wills, divorce papers, and business incorporation forms. Visit their website to learn more about writing wills and how they can help, or get more advice on their Facebook page. If you have any questions, call their office at (212) 633-2200 or visit their storefront, no appointment required.