Common Myths About A Will

In honor of last week being National Estate Planning Awareness Week, USA Today ran an article setting out to dispel five myths about wills:

1. Estate Planning is for the rich: Not true.  Almost everyone has some property, and estate plans cover more than just assets.  
2. Everything will go to my spouse if I die without a will: Not true in may states that include children in intestate succession schemes.
3. My estate won’t go through probate if I have a will: False again.  The probate process validates the will. 
4. I’m all set if I create a will or a living trust: This is only true if you expect no life changes after creating the will or living trust.  Most people experience marriage, divorce, the birth of children, and other changes in personal circumstances.
5. I could be responsible for the debt of my deceased parent: Normally, the estate of the parent is responsible for these debts.

See Sandra Block, 5 myths about wills, and what you should do, USA Today, Oct. 26, 2009.  

Special thanks to Matthew B. Bogin, Esq., for bringing this case to my attention.