Writing a will is the most fundament part of your estate planning process. This document makes your intentions known such that your family receives support and peace of mind in the event of your passing.
However, there are some common misconceptions surrounding wills that might lead you to believe that estate planning is not necessary for someone in your circumstances. By clearing up these misconceptions, you may come to understand why writing a will is a preparatory step that you should complete no matter where you are in life.
“Wills are only for people with significant assets”
Owning multiple properties and having several investment accounts is not a prerequisite for writing a will. Regardless of your asset profile, a will is a necessity especially if you have a business or young children to consider.
“Everything goes to your spouse if you do not have a will”
If you have a happy and trusting relationship with your spouse, you might think that a will is completely unnecessary. However, Pennsylvania intestacy laws state that without a will, your assets will distribute evenly amongst your spouse as well as any surviving parents or descendants.
“Wills eliminate the need for probate”
The probate process is the procedure during which the court verifies the validity of your will, interprets it, and distributes your assets accordingly. With that being so, your will necessitates the probate process rather than nullifying it.
Once you gain a deeper understanding of how wills function in the estate planning process, you can fully appreciate how preparing for an unfortunate event might serve to ensure the well-being of your loved ones should tragedy strike.