Common Myths About Wills and Estate Planning
Estate Planning is one of the most important steps you can take to protect your loved ones and your legacy, yet it’s often surrounded by myths and misunderstandings. Unfortunately, believing these myths can lead to costly mistakes, unnecessary delays, and unintended outcomes.
At The Lawyers O’Reilly PC, we help clients cut through the confusion and understand the truth about Wills, Trusts, and other essential planning tools. Here are some of the most common misconceptions we hear, and why they simply aren’t true.
Myth 1: “I’m too young to need a Will.”
Truth: Many people assume Estate Planning is only for older adults, but the truth is that life is unpredictable. If you own property, have pets or children, or simply want to decide who will make medical or financial decisions for you if something happens, you need a plan — regardless of age. Unexpected illness or accidents can happen at any stage of life, and a well prepared plan ensures your wishes are followed, and your loved ones, children, dependents, and parents are safe and secure should something happen to you.
Myth 2: “I don’t have enough assets to bother with Estate Planning.”
Truth: Estate Planning isn’t just about large estates or complex investments. Even if you own only a modest home, have a bank account, or only possess items of sentimental value, it’s worth deciding who will receive them. Without a Will or Trust, state law decides, and those decisions may not reflect your wishes. Planning can also help your loved ones avoid messy and expensive legal disputes.
Myth 3: “If I’m married, everything will automatically go to my spouse.”
Truth: In many states, including New Mexico, the rules aren’t that simple. Depending on how your assets are titled, who your surviving relatives are, and whether you have any separate property, your spouse may have to share your estate with children, parents, or siblings. Proper Estate Planning ensures you choose what happens to your life’s legacy, not the state.
Myth 4: “Once I make a Will, I’m done.”
Truth: Your Estate Plan is a living document that should change as your life changes. Marriage, divorce, the birth of a child, buying or selling property, changes in the law, a move to a different state, or even a shift in your financial goals are all reasons to update your plan. A Will you made ten years ago might not reflect your current situation or your current wishes.
Myth 5: “Estate Planning is just about distributing assets.”
Truth: While deciding who gets what is part of the process, a good Estate Plan also covers important non-financial issues. This includes naming guardians for minor children, designating someone to make healthcare decisions if you’re incapacitated, and even making arrangements for your pets. These decisions are just as critical as dividing property.
Myth 6: “My family knows what I want and will follow my wishes.”
Truth: Even the most loving families can face conflict after the loss of a loved one. Grief, stress, and differing memories of past conversations can lead to disputes over who should receive what. Without a legally enforceable Will or Trust, there is no guarantee your wishes will be followed. Putting your plans in writing protects your loved ones from uncertainty and helps prevent arguments during an already difficult time.
Myth 7: “I can save money by writing my own Will.”
Truth: Do-it-yourself Wills often seem appealing, but they can lead to serious problems. Without proper legal guidance, you may create a document that’s incomplete, unclear, or invalid under state law. In the long run, mistakes in a DIY Will can cost your heirs far more in legal fees and court costs than it would have cost to work with an attorney.
The Bottom Line
Common Myths About Wills and Estate Planning can lead people to delay or avoid creating a plan altogether — but the truth is, Estate Planning is not just for the wealthy or the elderly. It’s for anyone who wants a say in what happens to their assets, dependents, and legacy. By working with an experienced attorney, you can avoid these common pitfalls and create a plan that truly reflects your wishes.
Secure Your Legacy with Confidence
Protect what matters most. Contact The Lawyers O’Reilly PC today to start your personalized Estate Plan and gain peace of mind for the future.
Schedule today: https://calendly.com/brendan-tlopc/one-hour-consultation-with-attorney-brendan-o-reilly