Do I need a will?

Will planning myths & facts

There are a lot of myths around will planning that stop people from getting their wills done. This infographic debunks the myths around will planning so that you can make an informed decision on whether or not you should have your will completed.

Myth: I only need a will if I have kids.

Fact: There are other important aspects to your will than just those regarding children. Making sure your wishes are carried out in respect to where your assets will go is still a big part of your will.

Myth: Estate planning is only for wealthy people.

Fact: While the will planning process may be more complex for someone who is wealthy, a will still specifies your final wishes, and your children’s guardians. No matter what your net worth is, a will is still important.

Myth: I am too young to have a will.

Fact: Age is only one factor. You should be looking at the whole picture when will planning. No matter your age, it is still important to name executors and guardians. In the unfortunate event of an accident or illness, having a will can help ease the stress on your loved ones.

Myth: My significant other will just inherit everything automatically.

Fact: This isn’t always automatically the case, especially when you are in a common-law relationship. It’s important to understand which assets you own jointly and to always name your significant other as a beneficiary on your investments.

Myth: It is too expensive to hire a lawyer to do my will.

Fact: There are a lot of different options at a variety of price points. If your situation is pretty straightforward, it can be done by a lawyer in one or two meetings. Some people are opting for online wills as well, but be careful because, without the advice of a lawyer, certain wishes could be misinterpreted.

Myth: My family knows my wishes so I don’t need a will.

Fact: This is a great first step and it is important that everyone knows your wishes. However, death is very emotional, especially for family members, so having everything in writing can prevent disagreements after you pass.

Myth: I already did my will so I’m all set.

Fact: Once you get your will done, you are good for 3 – 5 years unless you experience a major life event. By proactively reviewing your will every few years, you ensure that nothing gets missed.

Myth: I should save money and draft my will myself.

Fact: When completing your will on your own, you risk missing important factors or including scenarios that may have multiple interpretations. By paying for professional advice, you will ensure that your final wishes are carried out the way you intend. Having a professionally drafted will may help ease the stress for your family during a difficult time and, in the end, may even end up saving them money.