A will is a crucial instrument for estate planning that every adult ought to have. Although a wealth of information is available regarding making a will, not all of it is reliable. Some of the common myths and misconceptions about writing a will are discussed below along with explanations debunking the same.
MYTHS AND MISCONCEPTIONS
I do not own a lot so I need not make a will.
Wills are not just for the rich and famous. One of the many compelling reasons to create a will is to specify the distribution of your assets and properties according to your wishes after your demise. You may also name guardians for your minor children, appoint an executor of your choice, specify burial preferences, and more with a will. So, every individual who is an adult can and should make a will.
My family already knows what I wish so I need not make a will.
If you pass away without a will, your family will not be able to make decisions on your behalf, even if you believe they know what you want. Rather, a court will decide those matters according to your personal inheritance laws. Long court cases might cost your loved ones a significant portion of their time and wealth. Not to add, you may have different intentions about the distribution of your assets after your demise than the court believes.
I need not appoint a guardian for my minor children because my family will look after them if I am gone.
Of all the things you can do in your will, selecting a guardian for your minor children is the most crucial. Some people believe that their families will take care of their children in the event of their death. However, your family is not allowed to make this choice if you die without a will. Although members of your family may volunteer to take care of your children, the court will eventually determine who is most suited to be their guardian. Furthermore, the person who volunteers and is selected may not be the same as the one you would have selected if you had exercised your choice of selecting the guardian.
Writing a will is expensive and time-consuming.
Many people put off creating a will until later because they envision lengthy, pricey appointments in an advocate's office. But thanks to modern technology, you may now more easily than ever obtain high-quality will templates and forms to assist you in writing your will precisely and swiftly. You Are Ensured (www.youareensured.com) is one of the most affordable choices available in the market that can assist you in drafting your will very quickly and reasonably.
I need to register my will at the Office of the Sub-Registrar for it to be legal.
It may seem like a document as important as your will could not be legal unless this step is taken. But the truth is that, generally, this step is not necessary to make your will valid. Only the signature of the testator (adult and sound mind) and attestation by two witnesses is sufficient to make a will valid. Registration of a will at the Office of the Sub-Registrar is an optional step. Your will can be kept in a secure location if you choose not to register it. Examples of such secure locations include fireproof safes and safe deposit boxes. When you pass away, someone (usually your will executor) locates your will and files it with the court to begin the Probate process.
I am too young to write a will.
A will can never be too early. Having one is a good idea if you are older than 18 years, particularly if you own property or are a parent. We are all unable to foresee the future and have no idea how long we will live. Having a will can provide you with the assurance that you have taken care of your affairs and safeguarded your loved ones in the event of an emergency.
I cannot change or update my will once I have written it.
This is totally false. A will is a wonderful starting point, but it will only serve you and your loved ones if you maintain it current. Over the course of your life, your wealth, relationships, and circumstances will probably change numerous times. Therefore, it is highly recommended to update your will whenever you have a major life event. You can change your will any number of times even if it is registered. By updating your will, you make sure it always reflects your most current wishes.
My debts not longer exist if I am gone.
When you die, your debts do not vanish. Instead, the money from your estate will be used to pay them. It is likely that some of your possessions will be auctioned for money to settle debts if your estate is not wealthy enough to pay off creditors.
You can specify which assets, and in what order, should be used to pay off your obligations if you have a will. Your executor and the court will determine which of your assets to sell in order to pay off your obligations if you do not have a valid will.
We hope through this article we could bust some of the myths and misconceptions that you had in mind. One of the most considerate things you can do for your family is to make a will. Organizing your affairs will help you avoid stress and support the people and causes you care about.
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