In the Spring issue of Multiply, we discussed the need to have a will. In this issue I want to address many common misbeliefs about wills:

“Only people with children and the wealthy need a will.”
Wrong: If you have other assets like property, you need a will.

“The law will take care of my assets just like a will.”
Wrong: The law can be rigid, inflexible, and will not take into account personal matters like relations and charity.

“Only wealthy people leave bequests to charities.”
Wrong: Modest estates can make meaningful gifts to charities.

“The laws for wills are the same across the U.S.”
Wrong: Laws differ from state to state. If you move you need your will reviewed.

“One spouse always has the same rights to the other spouse’s estate.”
Wrong: In some states, rights vary depending on whether property was acquired before or after a marriage.

“A good will doesn’t require revision.”
Wrong: Assets increase, needs change, charities change, tax laws change, people die. All constitute a need to have your will reviewed.

“A will is expensive.”
Wrong: Attorneys quote their fees, so ask. Also, a well-drafted will will save you in the long run.

John Fisher
Director of Stewardship
jfisher@eeinternational.org
954-465-2244

In This Issue:

Multiply Archive »