It’s an unavoidable fact of life that many, if not most of us, put off the difficult and unpleasant chores of life, particularly those involving lots of paperwork. That’s perhaps even more true for those things we don’t fully understand; it’s easier to ignore something than to try and wrap our heads around it, and estate planning typically falls squarely in that category. Most have a general notion of estate planning and Wills, but not a full understanding of what’s involved, and for that reason we avoid it. In dispelling some of the myths, you can feel more confident having additional information and knowing what you should look out for.
Estate planning myths debunked
Perhaps the biggest myth surrounding estate planning is that it’s not for you; it’s for the wealthy, those with considerable assets to give away when they pass. While you may be by no means rich, that doesn’t mean you don’t have assets and property to your name, and you want to pass that property on to your family. Your home and all the possessions you’ve collected over the years have both sentimental and real value; one that you do not wish to leave in the hands of the court to pass on.
A related myth is that failing to create a Will means that your property will end up with the government. The lack of a Will normally won’t prevent your estate from passing to your heirs, but do you want the law, rather than you, to decide who inherits your estate?
Even if you do leave a Will with your wishes for how your assets are to be handed out, and to whom, you might be wrong in assuming that your decision will be agreed upon and respected by your family. An heir who feels wronged or unfairly left out of your Will might want to try and contest that Will in court. However, there is a somewhat high bar to meet to have both standing to challenge the Will and a legally valid reason to have it overturned that passes the scrutiny of a court.
Issues with the Will can arise when people try to create their own Will or use a Will from a template. It might seem like a time- and money-saver and is within your rights to do so, but trying to DIY your Will might create more problems than it solves. A Will does have to meet certain criteria to be considered legal. You also may need additional estate planning. You should seek counsel and assistance from a lawyer who can assist with your estate planning questions and documents.
Help is particularly needed if your Will includes instructions or stipulations outside of what would be considered normal. Family situations can be complicated; remarriages can create new beneficiaries, and that same marriage can sour other relationships. There may be family members you want to leave out of your Will… You might have items of personal significance that you want to see go to family for whom the items will have more meaning, like family heirlooms or jewelry.
The constant changes in your life highlight the fallacy that your Will is something to be done once, and then set aside for your eventual death. If you’re crafting a Will as early as you should, you’re going to gain more property, sell off some items, buy and sell homes, and add or lose family members who you would provide for in your Will. Changes to your life can necessitate changes to your Will. You may also want to do additional estate planning beyond just a Will.
Get Started with Your Estate Plan
Estate planning can be a bit complex, sure, but it’s necessary to account for our complicated lives, assets, and people we need to provide for. Understanding what’s involved, and what issues need to be addressed should serve as motivation to tackle estate planning sooner rather than later. LegalShield Members have access to provider lawyers for any questions on estate planning and assistance with getting your estate planning in order.
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