A will is one of those things that people don't like to think about. What could be more unpleasant than thinking about your own death? How will you split up your most cherished mementos to the loved ones you're leaving? Are you going to have to call an attorney? How much will it cost?
It may not be fun, but it is important. If you don't write a will you leave your loved ones in a bad situation. At worst, they get caught up in probate or a court assigns guardians to your children that you wouldn't approve of. At best, people fight over who gets what and it causes more stress for already grieving people. The good news is that writing a will is much easier than you think. In fact, there are six common myths about writing a will.
1) Only the very rich need wills.
The very rich do need wills, and so do you. You have things and they have to go somewhere. You might as well pick who they go to. Wills can state your wishes on more things than just money though. Who do you want to have custody of your children? Who's going to look after your faithful dog? Would you like to donate to charity? Either you decide or a stranger does. It only takes a few minutes to make your wishes known.
2) I'm too young to have a will.
This just isn't true. People can die at any age. Accidents can happen at any age also. If you have children, you need a will no matter how old you are. In fact, the younger your children are the more care they'll need. Don't leave your children parentless without a will to protect them.
3) A will is expensive to get.
Many attorneys do simple wills for less than $100. You can do a will yourself for free. You might have to pay $10 to get it notarized. Software programs to write wills can range in price from $5 to well over $50. There are also many will writing kits on the market at book and office supply stores. They can cost from $15 to $30. No matter what your price range, a will is something you should have.
4) A lawyer has to write a will.
A lawyer certainly can do a very fine will and if your situation is complex or you have substantial assets, you should probably use one. However, if you just want to make sure that relatives don't fight over possessions and that your kids can't touch their trust funds till they're 20; you may be able to do it yourself. There are several software programs out that make it easy. Just fill in a form, answer some basic questions and voila, a will. Just print, sign and get notarized.
5) You don't need a will if you don't have any dependents.
If you don't care who gets your money you don't. If you leave it up to the courts to decide, much less of your money will make it anywhere. Besides the costs and hassle involved in court, they don't historically find in the favor of friends, charities or non-traditional family. Even if you don't have dependents, you want your assets distributed to whom you want.
6) Once a will is written it never has to be touched again.
The times change and so should your will. You should revisit your will every year or two to make sure it still reflects your situation. The will may need to be altered as you have more children or grandchildren, acquire more assets and in the case of divorce or marriage.
It may not be fun, but it is important. If you don't write a will you leave your loved ones in a bad situation. At worst, they get caught up in probate or a court assigns guardians to your children that you wouldn't approve of. At best, people fight over who gets what and it causes more stress for already grieving people. The good news is that writing a will is much easier than you think. In fact, there are six common myths about writing a will.
1) Only the very rich need wills.
The very rich do need wills, and so do you. You have things and they have to go somewhere. You might as well pick who they go to. Wills can state your wishes on more things than just money though. Who do you want to have custody of your children? Who's going to look after your faithful dog? Would you like to donate to charity? Either you decide or a stranger does. It only takes a few minutes to make your wishes known.
2) I'm too young to have a will.
This just isn't true. People can die at any age. Accidents can happen at any age also. If you have children, you need a will no matter how old you are. In fact, the younger your children are the more care they'll need. Don't leave your children parentless without a will to protect them.
3) A will is expensive to get.
Many attorneys do simple wills for less than $100. You can do a will yourself for free. You might have to pay $10 to get it notarized. Software programs to write wills can range in price from $5 to well over $50. There are also many will writing kits on the market at book and office supply stores. They can cost from $15 to $30. No matter what your price range, a will is something you should have.
4) A lawyer has to write a will.
A lawyer certainly can do a very fine will and if your situation is complex or you have substantial assets, you should probably use one. However, if you just want to make sure that relatives don't fight over possessions and that your kids can't touch their trust funds till they're 20; you may be able to do it yourself. There are several software programs out that make it easy. Just fill in a form, answer some basic questions and voila, a will. Just print, sign and get notarized.
5) You don't need a will if you don't have any dependents.
If you don't care who gets your money you don't. If you leave it up to the courts to decide, much less of your money will make it anywhere. Besides the costs and hassle involved in court, they don't historically find in the favor of friends, charities or non-traditional family. Even if you don't have dependents, you want your assets distributed to whom you want.
6) Once a will is written it never has to be touched again.
The times change and so should your will. You should revisit your will every year or two to make sure it still reflects your situation. The will may need to be altered as you have more children or grandchildren, acquire more assets and in the case of divorce or marriage.
