Top 10 Will and Trust Myths: Busting Common Misconceptions

Here are our top 10 will and trust myths:

1. Estate Planning is Only for the Wealthy: Many people believe that only those with significant assets need an estate plan. In reality, anyone with assets, children, or specific wishes for their medical care should consider estate planning. Sorting out an unplanned estate is frequently much more expensive than if proper planning had been done. The high cost of probating an estate without a will is a harder pill to swallow when there is less money being divided among heirs.
2. A Will Takes Care of Everything: While a will is a crucial component of an estate plan, it doesn’t cover all aspects. Living wills, powers of attorney, and trust agreements can help manage assets during incapacity and after death.
3. Estate Planning is Only for the Elderly: Unexpected events can happen at any age. It’s important for adults of all ages to have an estate plan in place to ensure their wishes are followed. Parents of minor children need to formally declare who would serve as guardians for their children. See our article, Young Families Need High Quality Estate Planning, for more detailed analysis.
4. Everyone Uses the Same Forms: Most online will and trust websites offer generic documents designed to meet only the minimum requirements in all 50 states. Texan Wills and Trusts uses forms prepared by Texas licensed attorneys and are intended to take advantage of Texas law provisions that make them easier to use and have important tax advantages.
5. Once Done, It’s Set in Stone: Estate plans should be reviewed and updated regularly, especially after significant life events like marriage, divorce, or the birth of a child.
6. Trusts Are Only for the Wealthy: Trusts can benefit people of varying financial backgrounds by helping them avoid the time and expense of probating a will. See our article, Wills vs. Trusts in Texas: How to Make Administration Easy.
7. All My Assets Will Automatically Go to My Spouse: This isn’t always true. For example, when a spouse in a blended family passes away without a will, their share of community property goes to their children NOT the surviving spouse! Check out the Texas Intestate Succession statute.
8. My Family Knows My Wishes, So I Don’t Need a Plan: This is one of the most common, most incorrect myths about estate planning. Verbal agreements are worth the paper they are written on. Verbal agreements do nothing. A written, legally-binding document ensures that your wishes are honored and reduces potential conflicts among family members.
9. I Don’t Need an Estate Plan Because I Don’t Have Kids: Estate planning is about more than just passing assets to children. It includes decisions about who will make healthcare decisions on your behalf, who inherits your assets, and how your estate is managed. You may want to use your wealth to support non-profit organizations such as churches or charities.
10. Estate Planning is Too Complicated and Expensive: There may be some truth to this one. Traditional planning requires multiple meetings with an attorney, which takes time and money. At Texan Wills and Trusts, our platform is designed to under 30 minutes from start to finish. Our system was designed and built by a Texas attorney to help you prepare your own estate plan, keeping costs much lower than traditional representation.

Don’t let myths stop you from getting a comprehensive estate plan in place. Take action now to avoid future headaches.