There are people who have misconceptions on Wills. Many people feel confused about what a Will entails and what a Will does not entail. Here is a short list on the myths and truths about Last Wills:
- A will only needs to be written once.
This is a common myth, but a will should be reviewed on an annual basis. This is particularly true when it comes to major deaths, moving to a new place, new births, etc. Be sure not to start your Will the day right before you travel (that happens a lot). Wills should be updated whenever necessary.
2. Wills only apply to wealthy people.
Everyone has something in the way of assets. A Last Will and Testament can help ensure that your wishes are honored and that your assets are distributed according to your desires. Be sure to have it properly witnessed and signed.
3. A Will automatically covers all assets.
A Will may only covers assets that are legally considered to be part of a person’s estate. Assets such as joint bank accounts, life insurance policies, and retirement accounts may have designated beneficiaries and may not covered by a Will.
4. A Will is kept secret after death.
Wills are typically made public after a person’s death and are available to anyone who wants to see them. It’s not as if there is a scheming aunt behind the scenes, trying to see what information a Will has, so she can squirrel as much money away as she can. SOME information, such as the names of beneficiaries and details of bequests, may be protected under privacy laws.
It’s just important to have one done. There are many myths about Wills, but the confusion that can sometimes surround Wills shouldn’t stop you from getting it done. It’s important to consider the fact that you may also need to complete a Will, Power of Attorney and a Living Will as well.