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What are some myths about updating your will?

On Behalf of | Jan 26, 2024 | Estate Planning

Ensuring the security of your assets after you are dead is a responsible step many consider by drafting a will. However, misconceptions about updating this document often cloud the process.

Debunking some prevalent myths surrounding will helps empower you with accurate information.

Once made, a will is set in stone

Some believe that once you create a will, it remains etched in stone, unalterable. The reality is that life is dynamic, and circumstances change. Births, deaths, marriages and financial shifts can impact your wishes. Regularly reviewing and updating your will is important to reflect these changes accurately.

Only the wealthy need to update their wills

Contrary to popular belief, updating a will is not reserved for the wealthy. Regardless of your financial status, life events like having children or purchasing property require updates. A will serves as a roadmap for giving away your assets, ensuring they align with your current situation.

Wills are only about money

While financial assets are a significant aspect of a will, it is not solely about money. Your will also addresses guardianship of minors, outlining your preferences for their care in your absence. This myth overlooks the broader scope of decisions a will entails, making it important to revisit and revise as your life evolves.

Verbal agreements are sufficient

Some believe that a verbal agreement or an informal note expressing their wishes is enough. However, legal systems need written documentation to validate the legitimacy of your intentions. Relying on verbal agreements may lead to complications among heirs, so updating and adding to your will when a part of your life changes is important.

Wills are only for the elderly

Another common misconception is that wills are only necessary for the elderly. Unexpected events can occur at any age, underscoring the importance of having a will in place early on. Updating it regularly ensures that your wishes are current, irrespective of age.

Crafting and changing this document is not a burdensome task but a proactive measure to safeguard your legacy. By adapting your will to life’s changes, you ensure that your assets reach your loved ones, providing peace of mind for you and them.