6 Common Myths That Keep People From Starting A Will

Unless everything in your house/apartment/parent’s basement is from a Rent A Center, it’s highly unlikely that you really don’t own anything.

The reality is, it’s not all about the massive estates and inheritances. It’s about your favorite couch, the complete set of Harry Potter DVDs and wand, or your favorite watch your dad gave you when you graduated college. Most people have more than they think. Consider some of these common situations:

1. You have a small life insurance policy, an almost paid-off car, and student loans.  For all intents and purposes, you’re in debt and the collectors going to come calling...right?  Wrong.  Most people don’t realize that most student loans go away when you pass, leaving that small insurance policy to pay off your funeral and the rest of your car payments.  Who do you want that to go to?
2. Let’s say you and your significant other decide to move in together. One day something unexpected happens to you and you pass away. The house is in your name, the car is in your name, and the furniture is in your name. Does that stay with your significant other?  Unfortunately, no. If you die without a Will, the court gives everything that is in your name to your next living relative, not your significant other. Is that what you want?
3. Keepsakes and memorabilia. Remember that time you went on vacation to Italy with your best friend, and you bought that incredible “thing” that reminds you of that trip and friendship? Don’t you want to leave that to your friend if you pass?

So yes, you have stuff! It might not be incredibly high-value, but it’s high-value to someone.

Kids are just one element of a Will. If you are established and you and your spouse don’t have any children, then the Will is going to simply lay out the things you want to pass to your spouse first and then to whoever else you choose.

But it’s deeper than that. As we’ll establish here in a few minutes, your assets are only one part of your Will/estate plan.

Ask yourself this question, if something were to happen to you, who would you want to take care of your children? Your parents, your in-laws, one of your siblings? If you don’t establish a guardian in a Last Will, your state will choose who has guardianship over your children in a process called Interstate. If you have not already laid out your intentions in your will, your children will be subject to the state's plan.

If you don’t do this for any other reason, do it for them. At this point, it’s not about the things, it’s about what is best for your children and making sure your wishes are carried out.

Beyond The Assets

Aside from your assets (as addressed above), you also need to think about the other two elements that complete a Will/Estate plan: Last Will/Advance Directive and appointing your Power of Attorneys.

The Advance Directive/Living Will addresses exactly what you want to be done with your body and life in the event you can’t speak for yourself. Do you want to be on life support? Do you want artificial tube feeding? Do you want your doctor to pull the plug and die peacefully after X amount of day if you’re in a coma? Those are decisions you need to talk to your loved ones and doctor about. But even if you have the conversation, if you haven’t legally named someone to make that call for you in your Will, your family is going to have to go to a court and pay thousands of dollars to have a judge name a guardian for you. These are the documents that speak FOR you and determine what happens next.

That’s where the Powers of Attorney comes into play. This is the document that allows the said person to speak on behalf of you and inform your medical providers about your end-of-life decisions. Furthermore, this allows someone you trust to act on your behalf regarding your finances, bank accounts, savings accounts, real estate, etc.

Having an Advance Directive/Living Will and appointing your Power of Attorney’s in your Will addresses the following three excuses we often hear:

In some cases, you’re right, you don’t own anything. But as we mentioned before, it’s not about the stuff you have. Your Will is your chance to speak, even when you can’t speak for yourself, and these documents allow you to do that.

Whether you’re married or not, more than likely you still have people in your life you care about— your parents, your siblings, your friends, etc. What legacy do you want to leave behind for your loved ones? What do your loved ones need to know when they’re put in this situation? Your Will is your chance to let the people you love–and who have your back–speak on your behalf and let your voice be heard.