Misconceptions About Wills

1. Filling out a will online and filling out a will with an Attorney are the same thing but online is cheaper

There are websites like LegalZoom.com that offer Last Will and Testament services. However, you may not get the best result. Lawyers will offer multiple scenarios that make appropriate provisions to each scenario. You may have to change some things in the will when a lawyer will know exactly what to write so you do not have to change anything.

2. A will from one state is not legal in another state

This is not true. Wills are valid in other states if it was valid when it was signed. However, they do not travel well. Each state’s laws are different and those different laws could impact how your Will works. It is best to consult with an estate planning attorney in the new state, instead of leaving things in your original Will.

3. A will avoids probate

This is also not true. A will helps the probate system. Your will is almost like a letter to the Probate Court explaining how you want your property distributed. The Probate Court system makes sure all your property and bills are collected, appraised, taxes are paid before they can distribute your property to your heirs.

4. Your will and your assets remain private

Your will is a public document. In the case of Michael Jackson’s death, the public knew that 20% of his assets went to charity. However, the name of the charity was never released because that was part of a trust. Anyone can request your file from the probate court to see the value of your assets.

5. A will helps avoid taxes

A simple will tells you how to distribute the property, who will be appointed guardianship for your minor children in the case of a common accident. There is nothing to do with lower taxes when it comes to a will.

6. When you set up a living trust, you lose control of your assets

This is not true. When setting up a living trust, you can name yourself and your spouse as a trustee. In this way, you never give up control. 

7. I can put off my will until I am older

If you have property, a spouse, children, it is important to complete the process. If you have a loved one, it is important to be responsible and so that way you have the control of filling out your last will and testament.

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