Writing a will can be tricky, especially when dealing with myths circulating for years. This blog post will cover the eight most common misconceptions surrounding wills and probate law. Read on to better understand these processes so you can make informed decisions regarding your will writing.
1 – A Will Only Apply to People with a Lot of Money
This is one of the most pervasive myths about wills and probate in NSW. While it’s true that having lots of money or assets increases the complexity of the process, everyone should have a will—regardless of income level or the number of assets owned. A will ensures that your wishes are carried out according to your wishes and helps ensure that your heirs avoid unnecessary financial burdens after you pass away.
2 – A Will can be Written Without the Help of an Attorney
In some states, writing your own wills are allowed as long as they meet certain requirements set by the state legislature. But this practice isn’t recommended; even if you get your will “right” on paper, there could be issues with its execution if you don’t use an attorney who knows the nuances of state’s estate law. It’s wise to consult a knowledgeable lawyer who can guide you through the process and protect your interests and those of your family in court.
3 – The Executor Has No Legal Right to Manage Estate
Executors have a lot of power when managing an estate after someone passes away. An executor can manage assets, pay bills, file taxes, settle debts, file probate applications in Victoria, and follow the deceased person’s wishes as outlined in his or her will. The executor also has legal rights to act on behalf of the deceased individual’s estate in court if necessary.
4: You Only Need to Write a Will Once
This is one of the most common myths about wills and probate. A will is not a contract, so if you wish to change your will, you can do so at any time until your death. Your prospects, relationships, and assets will likely change many times throughout your life. Probate lawyers recommend revising your will every three to five years or whenever you experience a significant life event (like getting married or divorced, relocating to another state, or having children). You can change your will at any time until it is filed with the court and probated. If you die while your will is still pending, the court may refuse to grant a final order declaring that your last will is valid.
6 – A Will is Only Necessary for Older People
There is no age limit for writing a will. Anyone can create one at any time, regardless of age or status in life. A will is not just for people who are old and infirm; you can make a will at any age, provided you have the mental capacity to understand what you are doing. A will is a legal document that allows you to determine how your property will be distributed after death. If a person dies without a valid will, their assets may be distributed according to state law. This can lead to probate court fees and taxes of up to 40% of the value of your estate! If you are concerned about making a probate-free will, speak with an experienced elder law attorney immediately.
7 – A Will Can be Costly and Time-Consuming to Write
Wills are not expensive or time-consuming to make. In fact, most people make their wills for free. If you have the means to pay for a lawyer, you can also have them write your will for you. However, many people prefer to do it themselves and save money in the process. If you don’t want to hire a lawyer, several online legal services will help you through the process for free or a low fee. If you are unsure what to include in your will, it is best to consult a lawyer first. They can give you legal advice and help ensure everything is as it should be.
8 – No one Follows the Will
This myth has been around since the beginning of recorded history. Wills are not like other estate planning documents; they are legally binding documents. This means that if someone attempts to change your will after your death, they may be held liable in court for making changes without your permission or knowledge. The best way to ensure that your wishes are followed is by having an attorney draft your will according to the law of your state or country. They can help ensure everything goes well when distributing assets after someone dies.
Making sure that our loved ones are taken care of is essential for all of us. Understanding what goes into making a valid will is just one piece of this puzzle; knowing how to address common misconceptions about wills and probate law is equally important for those looking to make informed decisions about their estate planning needs. We hope this blog post has helped shed light on eight common myths about wills and probate law so that you can plan ahead confidently!
If you’re looking for a professional consultation, get in touch with Probate Consultants. They are knowledgeable and offer fast, affordable and reliable advice. Avail of the consultation today with the best probate services in Australia today!