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  • Jacob Patterson

are you willing to get a will?



There are many misconceptions surrounding the need for a will and trust. Some think that wills are only for older people or only for rich people, while others are unaware of the consequences of dying without one. It’s not uncommon for people to die without a will, currently, about two thirds of all Americans do not have a will. Let's explore some of the myths around wills:


‘Wills are only for rich people’


Wills are not only for rich people. Everyone should have a will to ensure that their assets go where they wish in the event of their passing. Households with higher incomes tend to write wills more often than those who earn less, but it is important for those at all income levels.

‘Wills are only for old people’


People tragically die at young ages every day, and your will determines where your assets will go when you die. That's why people of all ages should have a will. If you do not write a will, it is called “dying interstate” and the state will determine where your cash, investments, house, dog, and heirlooms go (instead of you!). Probate can be a long process, often taking months, and sometimes even years to complete.

Probate


If you do not have a will and your estate (your assets) goes into probate, your heirs will have to go to court, sometimes needing to travel out of state. This is a long and stressful process where there are often disagreements and familial relationships are sometimes degraded or destroyed.

What to do next


When you choose to write your will, make sure to go to an attorney specializing in wills and trusts. You should not use an online will because estate law is complicated and varies state by state. Even though online wills are cheaper than a will written by an attorney, you should be wary of their accuracy.


Written by: Jacob Patterson


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