Yes, You Need a Will! Debunking 6 Common Myths About Wills

When was the last time you thought about creating a will? If you’re like many people, the idea might seem overwhelming, unnecessary or even a bit morbid. But here’s the truth: Having a will is one of the most important steps you can take to protect your loved ones and ensure your wishes are respected after you’re gone.

What is a will?

A will is a legal document that goes into effect once you pass away and spells out how you want your money and property distributed, who you want to be guardians for dependent children and pets, and even your preferences for your final arrangements.

Contrary to popular belief, wills aren’t just for the wealthy or the elderly. They’re valuable estate planning documents for anyone who wants to have a say in what happens to their assets, no matter how modest.

Unfortunately, common misconceptions about wills often keep people from taking this crucial estate-planning step. Let’s debunk 6 myths about wills that might be holding you back from creating yours.

Myth 1: “I don’t have a lot of money, so I don’t need a will.”

Many people believe that wills are only for the wealthy, but this couldn’t be further from the truth. If you own anything of value—whether it’s a car, bank accounts or personal belongings with sentimental value—you need a will.

Even modest assets can cause disputes among family members if there’s no clear direction on how they should be distributed. A will can prevent this from happening by providing clear instructions for how to handle your assets after you’re gone.

Myth 2: “I’m not old enough to bother with creating a will.”

Age isn’t a factor when it comes to creating a will. Life is unpredictable, and having a will in place is important at any stage—especially if you have a spouse or children.

In a will, you can designate guardians by name for minors and children, and ensure your family’s needs are taken care of. You can always update your will as your life circumstances change, so it’s a good idea to re-examine it every few years or after major life events.

Myth 3: “My family knows how I want things handled, so a formal will isn’t necessary.”

You may have discussed your intentions with your family, but verbal agreements aren’t legally binding. Without a formal will, your assets may be distributed according to intestacy rules and state probate laws, which might not align with your intentions. This can make things messy and complicated for your beneficiaries and your executor (the person designated to carry out your final requests).

Additionally, relying on verbal agreements can lead to misunderstandings and conflicts among family members during an already difficult time. A legally binding will provides clarity and can help prevent family disputes.

Myth 4: “My spouse has a will that covers both of us, so I don’t need one.”

Even if you and your spouse have similar wishes, it’s important for each person to have their own will. If you like, you can create mirror wills that reflect the same intentions. But having separate documents provides more legal protection. This is especially important if one spouse dies before the other, as circumstances and desires may change for the surviving spouse.

Having your own will simplifies the entire legal process and ensures your specific desires are clearly outlined.

Myth 5: “Creating a legal will is too expensive.”

Creating a will won’t break the bank. Many affordable options are available, including online will-creation tools and services. Working with a lawyer can provide additional peace of mind, especially for complex estates, but it’s often not as expensive as people think.

On the other hand, the cost of not having a will can be high. The potential financial and emotional burden on your loved ones far outweighs the expense of creating a will. We can all agree that it’s better to pay a small amount to legally define your intentions, rather than leave the distribution of your estate to the uncertainties of probate.

Not having a will can lead to significant costs and complexities, particularly for those who have a large estate.

Myth 6: “Updating a will is too complicated.”

Contrary to this myth, updating a will isn’t a complicated process. Many services let you make changes easily, and even if you work with a lawyer, the process is typically straightforward.

Whether you get divorced, remarried, have children or experience other significant life events, it’s important to keep your will up-to-date as your life changes. By doing so, you ensure that your will accurately reflects your most recent circumstances and gives you the peace of mind that your assets will go exactly where you want them to.

In Summary

Despite the myths, creating a will isn’t just for the wealthy or elderly, nor is it complicated, costly or time-consuming. Creating one is an important step for anyone who wants to ensure their wishes are carried out and that their loved ones are protected—avoiding the need for probate.

Taking the time to get a will in order and keep it updated is the best way to outline, in clear terms, how you want your assets handled, and avoid having your family deal with unnecessary headache during a difficult time.

Need Resources to Create Your Will? We Can Help!

Navy Federal Credit Union is committed to supporting your financial well-being at every stage of life—including when you’re ready to start estate planning.

Our MakingCents resources provide valuable information on a wide range of financial topics, including wills and trusts.

We offer our members an easy, affordable way to create legally binding estate planning documents so you can have peace of mind. We’ve partnered with Trust & Will to provide do-it-yourself will creation options for Navy Federal members. For more personalized guidance as you plan your estate, our financial advisors can help.