Estate Planning Lawyer Phoenix, AZ
Creating a will is perhaps one of the most important things you can do for your loved ones. Having a will in place allows for family members to navigate your final wishes in the way you would have liked and reduce the time family spends sorting through your affairs. In the long run, you are doing your family a favor as you have already predetermined how you would like your wishes carried out. As a result, there is a higher likelihood of your estate being resolved in a more efficient and timely manner. This may give loved ones the space they need to mourn your loss. Although creating your will can feel like a daunting process for the testator, there are a number of misconceptions out there surrounding the process of creating a will:
Myth #1: Wills are time consuming
With the help of an attorney, writing a will can be a fairly quick and painless process. Although it’s possible to complete your will without the help of a professional, it can prolong the process. Your attorney is likely to be able to help you sort out the best way to distribute assets to loved ones so that beneficiaries can retain as much of your wealth as possible. They will create the will, you just have to provide them with the relevant information.
Myth #2: I’m too young to have a will
Although this may seem to be the case, this is far from true. Even young people should have a will in place. Unfortunately, accidents can happen that result in tragedy. When someone passes away unexpectedly, the process of finalizing a person’s wishes can feel even more daunting. This is especially true when the person who has passed was young, with much life left to live.
Myth #3: Divorce or remarriage won’t impact my final wishes
This is likely to be anyone’s worst case scenario after a person passes away. If you divorce your spouse and they are still included in your will, you risk having them responsible for managing your final wishes. Even worse, the may stand to inherit some of your assets.
Myth #4: One a will has been complete it doesn’t need to be updated
Once you write a will you will need to keep it up to date amidst any life changes you may be faced with. An outdated will can be frustrated when someone passes away. Here are events that should trigger you to update your will:
- Marriage or Divorce
- You had children
- Your wealth has increased
- Your children have become adults
- People identified in your will have since passed away
Despite this, you should still update your will on a fairly regular basis, most attorneys may recommend that you do so every 5 years.
Myth #5: Leaving it up to loved ones
The idea that your loved ones can take care of everything when you pass away is unfair. There are a number of problems that may result. When someone passes away, emotions can run high and people can behave irrationally. As a result, it’s not uncommon for competing interests to arise when family is left to sort your affairs. Not only will they have to determine funeral arrangements, they will have to search for your assets and determine how you would like them dispersed. To add a further layer of complications, not everyone may be in agreement for the way in which this should play out. This could put family in a situation where their relationships with each other are impacted.
With so much misinformation out there, it’s extra important for someone to consult with an estate planning lawyer Phoenix, AZ trusts when putting together their will. An attorney at Kamper Estrada, LLP can help to educate you surrounding the necessary components to creating your will and making sure that you leave nothing out.