Misconception #1: I can just tell my loved ones my wishes and they will follow them.
Unfortunately, you cannot just tell someone your wishes after you die and expect them to happen. The main reason is that each state has its own laws about inheritance and how your assets are divided up.
Misconception #2: My spouse or oldest child will automatically be named executor of my estate.
If you do not name an executor in your Will, the state will name one for you (an Administrator). If you wanted it to be your spouse or oldest child, it is important to say that in your Will as the state will not necessarily choose either one of them. You may also not have a spouse or child; in which case, the state has a more complex system that may cause someone you do not know or like to administer your estate.
Misconception #3: Any contracts or debts will die when I do.
If you have entered into a contract, perhaps to buy a house or a car, your executor is responsible for completing that contract. The same is true for your debts. Your executor will have to use funds from the estate to take care of your debts.
Misconception #4: I will have to list all my property and figure out who gets what.
When many people think of a Will, they think of grandmothers leaving antique jewelry and small knickknacks to their beneficiaries. However, nothing says that you must go through every item you own and decide who should receive it after you die. If there are certain valuable items or items with sentimental value, you can certainly put those in your will, but it is not necessary to list every item you own.
Misconception #5: Someone will get mad or feel left out if I make a Will and that will just make things harder on my family.
While it is true that you can’t please everyone all the time, a Will allows you to make your wishes known. You know who you want your beneficiaries to be and you know what assets you want them to receive. Having a Will that states as such makes your wishes legal and understood. There is a good chance someone would be angry if you didn’t have a Will or if you created a Holographic will that ended up being the subject of multi-year litigation.