Three Things About Wills That Aren’t True

I can’t afford a will—lawyers are too expensive. Drafting a simple will is one of the least expensive of all legal services, and the cost of not having an attorney plan the disposition of assets accumulated over a lifetime can be significant.

I don’t need a will. My spouse and I own everything in joint names and it will all pass automatically to the survivor. What would happen if both you and your spouse died within a short time of each other and neither had made a will?  Each joint owner should have a will that avoids having assets distributed according to state laws.

I don’t need a will. I have a revocable living trust. You need a will to provide that assets not transferred during life can “pour over” into your living trust at death.  A will also lets you name an executor and guardian for minor family members or for those with special needs.

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