Wills 101: Myths & Facts
Posted by Sep 26, 2024 in Blog, Wills & Estate
onWhen it comes to planning for the future, creating a will is often misunderstood and overlooked.
Many people believe that wills are only necessary for the wealthy or those nearing the end of their lives.
However, everyone, regardless of age or financial status, can benefit from having one.
Consulting with an Edmonton estate lawyer can help you understand how a will benefits everyone, no matter their age or financial situation.
Here are some common myths about wills, and set the record straight with facts to help you understand why having a will in place is important:
Myth 1: I’m Young and Not Wealthy, So I Don’t Need a Will.
Believing this myth can lead to complications for your loved ones if something unexpected happens.
Without a will, your assets and personal belongings could be distributed according to provincial laws, which might not align with your wishes. This could also result in legal battles or strained family relationships.
Fact:
A will isn’t just for the wealthy or the elderly. It’s a legal document that allows you to outline who should receive your possessions, no matter how few, and who should take care of any dependents.
By having a will, you can make things easier for those you leave behind and ensure your preferences are respected.
Myth 2: My Family Will Look After My Children If I Die, So I Don’t Need to Set Out Specific Provisions for Them.
Assuming your family will automatically take over the care of your children can put them at risk.
If no guardian is named in your will, the court will decide who will raise them, which may not be who you intended.
Fact:
You can use your will to name a guardian for your children. This helps prevent legal issues and provides clarity about who will care for them according to your wishes.
It’s a way to protect your children’s future and provide some peace of mind for your loved ones.
Myth 3: Marriage Always Takes Precedence Over Family in the Event There Is No Will.
Believing that your spouse will automatically inherit everything can leave your family in a difficult position.
Alberta’s intestacy laws may distribute your estate among other relatives, leaving your spouse with less than you might have intended.
Fact:
A will gives you the power to decide exactly how your estate is divided, making it clear what your spouse and other family members will receive.
This can prevent misunderstandings and legal conflicts, providing a clear plan for your estate.
Myth 4: My Partner Will Automatically Inherit Everything.
Assuming that your partner, especially if you’re not legally married, will inherit your estate can leave them unprotected.
Without a will, they may not be entitled to anything, even if you’ve been together for years. This could force them into legal battles to claim a share of your assets.
Fact:
Specifying your partner in your will is the only way to make sure they receive what you want them to have.
This is particularly important for common-law relationships, which are not always recognized in the same way as marriage under Alberta law.
Myth 5: I Can’t Change My Will Once It’s Written.
This misconception can prevent you from updating your will as your life changes, potentially leaving your estate plan outdated.
Life events such as marriage, divorce, or the birth of a child may require changes to your will to reflect your new circumstances.
Fact:
You can update or completely rewrite your will as often as needed. It’s a flexible document that can evolve with your life, so it always reflects your current wishes and situation.
Myth 6: Wills Only Cover Property and Money.
Thinking that wills only apply to financial assets can lead you to overlook other important aspects of your estate.
This might include who will care for your pets, manage your digital presence, or handle personal items of sentimental value.
Fact:
Wills can address a wide range of issues beyond just property and money. They allow you to:
- Include instructions for your pets
- Designate someone to manage your online accounts
- Decide how your personal items should be distributed.
This helps create a comprehensive plan that covers all areas of your life.
Myth 7: DIY Wills Are Just as Good as Lawyer-Drafted Ones.
Believing that a DIY will is sufficient can result in a document that’s unclear or doesn’t hold up in court.
This could lead to disputes among your loved ones or your wishes not being carried out as you intended.
Fact:
While DIY wills may seem like a convenient option, a lawyer-drafted will can provide clarity and legal strength.
An Edmonton estate lawyer can help you create a will that’s tailored to your unique situation and reduces the risk of misunderstandings or legal challenges.
Myth 8: Once I Write a Will, My Wishes Can’t Be Challenged.
Assuming that your will is set in stone can be misleading. Wills can be contested under certain circumstances, such as if there’s suspicion of undue influence or a lack of mental capacity when the will was made.
Fact:
While a well-crafted will can reduce the likelihood of disputes, it doesn’t eliminate the possibility.
Working with an experienced estate lawyer can help you create a document that accurately reflects your wishes and reduces the risk of successful challenges.
Myth 9: A Will Covers All My Final Wishes.
Believing this myth might lead to overlooked details that aren’t covered in a traditional will. While a will addresses the distribution of your assets, it doesn’t cover everything, such as medical decisions or funeral preferences.
Without proper documents, your family could be left guessing about your final wishes, potentially causing disagreements.
Fact
A will is just one part of comprehensive estate planning. You may also need documents like a living will, a healthcare directive, or a power of attorney to cover other aspects of your life and end-of-life wishes.
Planning Ahead Protects Your Loved Ones
Creating a will is an important step in protecting your loved ones and making sure your wishes are carried out.
If you have questions or need help drafting a will, reach out to an Edmonton estate lawyer at Heritage Law.
We can guide you through the process and help you create a will that suits your needs.