Misconception #1: I only need a Will if I’m wealthy
Many people think if they do not have many assets or much property that they do not need a will. However, even if you only own a car and a small checking account, you will still want to make sure it goes to the right person. A Will allows you to name beneficiaries, even if your estate is small. We have seen estates that, even if small, take a huge amount of resources and effort to administer because there is no Will in place. This happens sometimes when the nearest family is multiple generations away or there are large families.
Misconception #2: I don’t need an attorney to create a Will.
While this is technically true, an estate planning attorney like one at Hopler and Wilms has navigated the waters of estate plans and estate administration in the past. Our attorneys have seen firsthand what can happen if you use an As Seen on TV Will or handwrite a document without fully understanding the legal consequences of centuries of law that have developed in this field. Your attorney knows how to make a Will that will limit fighting and litigation.
Misconception #3: Using an attorney to make a Will is costly and complicated.
Our Durham estate planning attorneys have been working with individuals and couples for years to create legal documents that meet their estate planning needs and can work with you on your budget. We are happy to set up a one hour consult in our office or over the phone to go over what you are looking for in your estate plan, create your documents, and file them for you. A very easy process overall and the document you have will be drafted in a way to anticipate foreseeable life changes.
Misconception #4: Everything is going to go to my spouse/children/nearest relative anyway.
If those are your wishes, they should certainly be made clear in your Will. People often assume that their spouse or children will get all their assets and that everything will be split up evenly, but that is not always the case. In some cases, your spouse will not get everything or your assets will have to be split up between multiple relatives because of inheritance laws. Inheritance laws are not intuitive. Often someone you do not expect will be participating in your estate.
Misconception #5: You only need to make a will when you’re old and going to die.
Unfortunately, accidents happen every day. Sometimes, young people die. If you are young with a new family or spouse, you will want them to be taken care of. You will not want them fighting with the rest of your family or the court over what you wanted done. If you have a child, you want that child to be taken care of. If you have some items of value, you want to make sure they get to the people you want to have them.
Creating a Will does not have to be hard. Hopler and Wilms are happy to help you create documents that are durable and will help your family during a trying time. Contact us today to set up a consultation and get any questions you may have answered.
[raw][contact-form subject=”Contact Form Submission (Blog)” to=”[email protected]”] [contact-field label=”Name” type=”name” required=”true” /] [contact-field label=”Email” type=”email” required=”true” /] [contact-field label=”Phone” type=”text” required=”true” /] [contact-field label=”Message” type=”textarea” required=”true” /] [/contact-form][/raw]