Will Myths

As with anything, there are countless myths associated with personal Wills.

I Do Not Need A Lawyer/Only A Lawyer Can Draft a Will

You do not necessarily need a lawyer to draft a Will. You can make your own Will in a number of different ways. You can simply handwrite one and sign it. Known as a holographic Will, these are typically considered perfectly legal. However, a holographic Will is best when your personal assets are simple, you are single, and there are no children or complicated relationship issues that might prompt a court or individuals to dispute your intentions.

A statutory Will is one you can pick up in any office supply store. A statutory Will can come in either hardcopy format or you can purchase software to build one yourself. A statutory Will is one in which you add the information that applies to your situation, sign it, date it and get it witnessed. However, states differ as to their requirements for statutory Wills. A lawyer can make sure the legal details are covered.

You should definitely seek a lawyer’s assistance when you are unsure of what you are doing. Also, when extended family relationships complicate your intentions or your assets are extensive, you should consult a lawyer. Writing your own Will, though inexpensive, might be worthless in the end.

I’m Not Old Enough To Have a Will

If you are over the age of 18, you are old enough to have a Will. And by most sources, you should have one not much later than that, especially when you marry, have children and otherwise begin to build a nest egg. You might consider a basic statutory Will to begin with, providing relationships and finances are simple and clear. But you will typically want to revise that at some point when factors in your life change, such as marital status, children, location and financial situation.

Estate Planning Is for Rich People

Not so. The word “estate” is entirely misleading. Estate is a legal term that indicates your personal assets. If you have spent time designing your personal financial plan, making retirement investments, and have college funds to plan for, you should be talking to a financial advisor and considering your own estate plan.

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