Debunking 7 Common Myths about Wills and Estates in Alberta
Many people fail to see the need for a will, let alone get one done. Some people may argue that they don't have many assets or that there's no one to will their assets to. Unfortunately, even those that do go ahead and get a will made end up doing it for the wrong reason. For instance, some may believe that if they don't make a will, the government will take all their things. This, of course, is a misconception. In fact, there are many myths that circulate around wills, causing people to believe one thing and the other, resulting in wills not being made or wills being made for the wrong reasons.
Today, we want to debunk seven common myths about wills and estates in Alberta to hopefully help you understand what they're meant for and why they're so important:
Myth 1. Wills Are Only for Older People
This is one of the most common myths about wills and estates in Alberta. While it is true that older people are more likely to have a will, anyone can benefit from having one. A will allows you to specify how you want your assets to be distributed after you die and can be a helpful tool in ensuring that your wishes are carried out.
Myth 2. You Don't Need a Will If You Don't Have Many Assets
Another common myth about wills and estates is that you only need one if you have a lot of assets. This is simply not true. Even if you don't have many assets, a will can be a helpful way to ensure that they are distributed according to your wishes.
Myth 3. You Can't Change a Will Once It's Been Made
This is another myth about wills and estates in Alberta. While it is true that you can't make changes to a will after it has been signed, you can revoke or amend a will at any time before your death.
Myth 4. You Need to Have a Lawyer to Make a Will
While it is always best to consult with a lawyer when creating a will, it is not necessary to have one in order to create a valid will in Alberta. You can create a will yourself, as long as it meets the legal requirements.
Myth 5. Your Will Is Automatically Valid after Your Death
This is not necessarily true. In order for a will to be valid, it must be properly executed. This means that it must be signed by you and witnessed by two other people. If your will is not properly executed, it may be challenged in court.
Myth 6. You Need to Have a Will in Order to Avoid Probate
Probate is the legal process of administering a deceased person's estate. While a will can help to avoid probate, it is not required in order to do so. There are other ways to avoid probate, such as setting up a trust.
Myth 7. You Need to Have a Will in Order to Avoid Taxes
While a will can help to avoid taxes, it is not required in order to do so. There are other ways to avoid taxes, such as setting up a trust.
Conclusion
As you can see, there are a bunch of wills-related myths and misconceptions that can seriously cause people to make the wrong decision. If you have previously fallen for any of the myths we've mentioned, you at least now know better and know what to expect from wills. That being said, if you need help creating your wills and more, always feel free to reach out to the professionals to plan out your future!
Hamilton Cahoon offers reliable lawyers in Medicine Hat to assist in various legal matters, from family law to personal injury and more. If you are looking for estate planning lawyers, get in touch with us today!