3 Common Misconceptions About Estate Planning
Most people know what a Will is, but many have misconceptions about the importance of a regularly updated Will and what it can and can’t do for you. Here are three common misconceptions about estate planning. Read on and make sure you and your loved ones are protected!
- “If I die without a Will, my spouse will inherit everything.”
While this may be true in some cases, in very many cases the surviving spouse will share the inheritance with the deceased spouse’s children (including children under 18 years old) or the deceased spouse’s parents. It is important to speak with an attorney to make sure your assets go to the person you want them to go to when you die.
- “I don’t have anything, so I don’t need a Will.”
Very few people actually have nothing. Most people have a vehicle, personal property (including clothes and household items), and a checking or savings account. Even if there is very little in your checking account and your vehicle isn’t worth much, having a Will can make dealing with these things much easier for your loved ones.
- “Once my Will is prepared and signed, I don’t need to think about it anymore.”
Our lives change constantly, and it is important for you to keep in mind how important life changes may affect your Will. Marriage? Children? Divorce? Buying or selling major assets, like your house? Starting a business? All of these life changes may mean you need to update your estate planning documents. It is important to keep your estate planning attorney up to date on life changes so they can help you determine if you need to update your Will.
Your Estate Planning attorney can explain more about these misconceptions and answer any other questions you have at your consultation. Schedule a consultation today with Triangle Divorce Lawyers to protect your family and plan for your family’s future.