A will is a legal document that outlines how a person’s assets should be distributed after their death. While it is a common and useful estate planning tool in Missouri, there are many misconceptions about wills that can lead to misunderstandings and confusion. Here are three common misconceptions about wills.
Wills are only for the wealthy
Many people believe that only those with significant assets need to have a will, but this is not true. A will can be an important tool for anyone who wants to ensure that their assets are distributed according to their wishes after their death. Whether you have a large estate or just a few possessions, it is important to have a will to ensure your wishes are carried out.
Creating a will is a complex process
Some people may be intimidated by the thought of creating a will, but it is actually relatively straightforward. You can either create a will yourself using an online template or hire an attorney to help you. It is important to make sure that your will is properly executed and meets all legal requirements, but with some research and guidance, it is not difficult to create a will.
You cannot change a will
A will is a flexible estate planning document that can be modified or revoked at any time as long as the person making the will has the mental capacity to do so. If you have a change in circumstances or if you simply want to make changes to your will, you can do so by creating a new will or by adding a codicil, which is a document that amends an existing will.
Make informed decisions
Wills are an important tool for anyone who wants to ensure that their assets are distributed according to their wishes after their death. While there are many misconceptions about wills, it is important to understand the truth about them in order to make informed decisions about your estate planning.
