There are many misconceptions about wills and the estate planning process, but the biggest is that not everyone needs to create one.
This is an umbrella misconception because many others fall under this category. Here are some more specific, but still common, fallacies.
Only rich people need wills
If you are an adult, you should have a will, regardless of your assets. Property like vehicles, real estate, furniture and family heirlooms can all become subject to property division. Keep in mind that financial matters are not the only issues involved in estate planning.
Only older people need wills
It is an unfortunate fact of life that tragedy can befall anyone at any time. Illnesses, accidents and injuries do not discriminate based on age.
My family can make my estate decisions
Estate disputes can happen even in the closest, most loving families. Maybe your family will manage to agree on how to settle your estate, but adding difficult decisions like asset division and burial plans can create more stress for your grieving loved ones.
I do not need to update my existing will
Updating your will periodically is a necessary strategy if you want to ensure your estate is properly handled. Marriages, divorces, births and new property acquisition are all causes for a revision. Even in the absence of any life-changing events, giving your will a review is a good idea to make sure you still agree with the choices you made in the past.
Every adult needs a will and every will needs occasional updating.