10 Common Myths About Wills Debunked

A will is one of the most important documents in any estate plan. However, despite its importance, many people have misconceptions about what a will can and can’t do. These myths often cause confusion and can even lead individuals to make decisions that aren't in their best interests. 

At Sanders & Sanders, Attorneys at Law, we’re family-oriented attorneys who will work tirelessly to help you create a will you can feel confident in. Our firm aims to make estate planning in Upper Marlboro, Maryland, easy to tackle by clarifying ten common myths about wills and providing a better understanding of what they really involve.

Myth 1: A Will Covers All of Your Assets

One of the most common misconceptions about wills is that they automatically cover all assets, regardless of their type. While a will can handle most of your estate, it doesn't address everything. 

For example, assets held in joint ownership, like a joint bank account, will automatically pass to the surviving owner, and life insurance proceeds typically go directly to the designated beneficiary, bypassing the will entirely. 

Additionally, retirement accounts such as 401(k)s or IRAs are governed by beneficiary designations, not the provisions in your will. So, a comprehensive estate plan will often require more than just a will to make sure all assets are managed according to your wishes.

This is where estate planning becomes essential. A well-structured plan that includes a will, trusts, beneficiary designations, and other necessary documents can help address any gaps and make sure all of your assets are distributed correctly.

Myth 2: A Will Is Only for the Wealthy

Many people believe that only those with significant wealth need a will. While it’s true that individuals with larger estates might have more intricate needs, everyone can benefit from having a will. Regardless of your net worth, a will allows you to decide who will receive your property and assets after your passing. 

It also allows you to nominate guardians for minor children, name an executor to carry out your wishes, and make other important decisions. Even people with modest estates should create a will as part of their estate planning to make sure their assets go to the people they choose, rather than to state laws that may not reflect their desires.

Even in cases where assets are minimal, the peace of mind that comes with having a clear plan in place can be invaluable. It's a tool that provides clarity and direction for those left behind.

Myth 3: A Will Avoids Probate

Another common myth is that a will allows you to avoid the probate process altogether. In reality, a will is subject to probate. Probate is the legal process through which a deceased person’s assets are distributed according to their will or, if there’s no will, in accordance with state law. 

Having a will can help speed up the probate process by clarifying your wishes, but it doesn't eliminate the need for probate. While probate is often viewed as a cumbersome and time-consuming process, there are ways to minimize its impact. 

Estate planning can include strategies like setting up trusts, which may allow certain assets to pass outside of probate. However, it’s important to understand that a will on its own can’t avoid this process.

Myth 4: Wills Are Only Valid if Written by a Lawyer

Some people believe that only a lawyer can draft a valid will. While it’s true that an attorney can help make sure a will is properly written and complies with local laws, it's not strictly necessary to have a lawyer create a valid will. 

Many jurisdictions allow individuals to write a will on their own, either by hand (a holographic will) or by using online tools. However, the danger of not working with a lawyer is that a self-written will may not meet all the legal requirements or may be unclear, leading to disputes after your death.

That said, even without a lawyer, you can create a legally binding will, as long as you follow the proper formalities for your state. If your estate plan involves intricate issues, though, consulting an estate planning professional can be a wise choice to avoid mistakes that could lead to complications in the future.

Myth 5: A Will Can Be Used to Control Everything After Your Death

While a will can govern the distribution of your assets, there are limitations to its scope. A will can’t control every aspect of your estate. For example, it can’t dictate what happens to certain types of assets that automatically transfer outside of the probate process, such as those with designated beneficiaries like life insurance policies or retirement accounts. 

Similarly, a will can’t govern assets placed in a trust or direct the distribution of assets held jointly with someone else. This is another reason why estate planning is so important. A comprehensive estate plan will take into account various types of assets and legal structures, checking that your wishes are followed even in cases where a will doesn’t apply.

Myth 6: A Will Can Be Easily Changed at Any Time

It’s often assumed that you can change your will as easily as you’d update a contact in your phone, but the reality is a bit more complicated. While you can change your will at any time during your life, the process of making a valid change requires careful attention to legal details. 

You can amend a will with a codicil, which is a formal document that updates or revises certain provisions of the original will. However, if the changes are significant, it may be better to create an entirely new will.

Myth 7: A Will Determines the Guardianship of Minor Children

Many parents assume that a will automatically dictates who will care for their children if they pass away. While a will can specify guardianship preferences for minor children, this decision is ultimately subject to approval by the court. 

The court will take your wishes into account but will make the final decision based on what is considered in the child's best interests. That said, naming a guardian in your will is a critical step in the estate planning process to see that your children are cared for by someone you trust.

However, it’s important to keep in mind that the will must be carefully crafted to meet the legal standards for guardianship decisions. If you’re unsure about how to proceed, working with someone familiar with estate planning can be beneficial in making sure your wishes are properly reflected.

Myth 8: Wills Are Only Necessary for People with Young Families

Some people think that only individuals with young children need a will. However, a will is beneficial for anyone who wants to control the distribution of their assets after death. Even if you don’t have minor children, a will is essential for determining who will inherit your belongings, who will manage your estate, and how you want your property to be divided.

Moreover, estate planning is not just about assets. A will can also address other personal matters, such as naming someone to manage your healthcare decisions if you're unable to do so, or specifying funeral arrangements. These are decisions that everyone, regardless of family status, should consider.

Myth 9: A Will Doesn't Need to Be Updated Once It’s Written

A common belief is that once a will is created, it doesn’t need to be updated unless something drastic happens, like a marriage or death. In reality, it’s important to revisit your will periodically, particularly if your circumstances change. Changes in assets, relationships, or your wishes should be reflected in your will to avoid confusion or conflict after your death.

For example, if you acquire new assets, such as a home or business, you may want to update your will to reflect how these assets should be distributed. Similarly, if someone named in your will passes away or if your relationships change, it’s critical to revise your will accordingly.

Myth 10: A Will Is the Only Document Needed for Estate Planning

While a will is an important part of any estate plan, it's far from the only document you need. Estate planning involves a variety of other tools and strategies to make sure your wishes are carried out effectively. 

Trusts, for example, can help manage assets in ways that a will alone can’t. Durable powers of attorney for healthcare and finances are also crucial in case you become incapacitated and can no longer make decisions for yourself. Living wills specify your preferences for medical treatment if you're unable to communicate them directly.

The importance of a comprehensive estate plan can’t be overstated. A will alone may not address all the important aspects of your estate or cover all potential scenarios. By incorporating trusts, powers of attorney, and other necessary documents, you create a well-rounded estate plan that meets your needs and gives you peace of mind.

Work With a Professional Estate Planning Attorney Today

By taking the time to understand the facts and addressing all aspects of your estate, you can create a plan that reflects your wishes and provides clarity for your loved ones. Our experienced estate planning attorneys offer services to Upper Marlboro, Maryland, as well as Clinton, Bowie, Fort Washington, Largo, and Washington D.C. Call Sanders & Sanders, Attorneys at Law today.