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5 Common Misunderstandings About Wills

5 Common Misunderstandings About Wills

Misunderstandings About Wills

Wills Aren’t Anything to Fear

Wills are your final wishes laid out for your loved ones after you pass on. Wills detail how you want your assets divided and who will receive what. While this seems like something that every person would want, only 42% of Americans have a will or estate plan. The act of drafting a will reminds many people of their own mortality, and having to face it is just something they don’t want to do. However, you don’t write a will for yourself. You write a will for the ones you leave behind.

There is also an overwhelming amount of misconceptions about wills. People think they are too expensive or too complicated and just hope things will work out. So, let’s take a moment to look at six of the most popular myths about wills.

Common Misunderstandings About Wills Dispelled

1. Wills are Only for Rich, Sick, or Elderly People

It is true that creating a will is a much more pressing matter for the rich, sick, or elderly, but that doesn’t mean young, healthy, or single people don’t need one too. Even if you don’t have many assets or much money, drafting a will gives you control over what happens to it. By drafting a will, you control who gets what and how much. You can also avoid difficult family situations and conflicts for your loved ones if they arise after your death. Neither of these situations are strictly within the domain of the sick, rich, or elderly.

2. The Government or State Will Seize My Assets if I Don’t Have a Will

It is true the Nevada law will dictate the distribution of your assets in the event you don’t have a will. You can avoid this process of Nevada law distribution by drafting a will.

3. My Kids Can Challenge My Will if I Don’t Leave Them an Inheritance

Challenging a will is a difficult and time-consuming process. First, your children must show that they have “standing.” This means that they are someone who stands to inherit from the will or would have inherited from the decedent if the will was found to be not legally valid. Secondly, your children need to prove “grounds,” or a legally recognized reason, why they believe the will is invalid. Stating that you are not happy with the outcome of the will or what you inherited is not considered “grounds.”

4. Making a Will is Expensive, Complicated, and Time Consuming

Once upon a time, this might have been true, but with the advent of the internet the process of making a will has become much cheaper and easier. Whether you want to do it yourself or with the help of an experienced estate planning lawyer, there are many options available. You will have to do some research and compare your options to find the right fit for your budget and assets. The process has also been so simplified that it can be completed in an afternoon.

5. I Already Told My Relatives What They Can Have in the Event of My Death

This is one of the most detrimental myths for your loved ones. Just because you told everyone what they can have does not mean these wishes will be honored after you are gone. People have their own ideas about how your assets should be divided and they are not always going to coincide with yours. This leaves the door open for family conflicts and a lifetime of resentment for someone who doesn’t get what they think they are owed. Another thing to remember is that a verbal contract of this kind will not usually hold up in court.

LeAnn Schumann is an Expert in Wills and Estate Planning

Make sure your loved ones are taken care of the way you want. Don’t be afraid of drafting a will or be led astray by a misunderstanding. Drafting a will is the best way to ensure your assets are distributed the way you want after you are gone. LeAnn Schumann has the experience and expertise to put together a will or estate plan no matter how complex your estate or provisions. She is available to serve the people of Reno, Sparks, Carson City, Fallon, Fernley, Dayton, Yerington, Douglas County, and all other Northern NV rural counties.

Wills Don’t Have to Be Expensive or Complicated
Contact LeAnn at Jesse Kalter Law Today for a Confidential Case Evaluation and Consultation
CLICK HERE to Contact Her Online or Call 775-331-3888