Five Myths That May Be Stopping You From Getting A Will

Creating a Will is an important step in ensuring that your assets and loved ones are taken care of in the event of your passing. However, some people may be hesitant to create a Will due to misconceptions or myths surrounding the process. 

In this blog post, we will debunk the top 5 myths that may be preventing someone from getting a Will. By understanding the truth behind these myths, you can make an informed decision about creating a Will and protecting your loved ones and assets.

Myth 1: It takes too long

Truth: One of the most common myths about creating a Will is that it takes too long. Some people think that the process of creating a Will is overly complicated and time-consuming. However, this is not always the case. In fact, creating a Will can be a relatively simple and straightforward process. With the help of an online Will-writing service like Footprint, you can have a Will drafted and ready to be signed in a couple of days. 

Fun fact: The average time it takes Footprint customers to complete and submit their Will is just 15 minutes. 

Myth 2: It costs too much

Truth: Another common misconception when it comes to creating a Will is that it costs too much. When people think about generating a Will they may think of the bill that is associated with legal professionals. However, while it is true that hiring a lawyer to create a Will can be costly, there are many other online options that are more affordable, such as Footprint. For as little as $100, Footprint will assist you in drafting, instructions on signing, and submitting your Will, legally. While it can often be considered costly in most traditional settings, investing as little as $100 to ensure your assets and loved ones are protected in the event of your passing is priceless.

Myth 3: I’m married - so my Partner gets everything anyway

Truth: Many people believe that if they are married, their spouse will automatically inherit all of their assets in the event of their passing. This is a common myth, and it is not always the case. Even if you are married, it is important to have a Will in place to ensure that your assets are distributed according to your wishes. Without a Will, the distribution of your assets will be determined by legislation, which may not align with your desires. Additionally, if you are married and have children, a Will allows you to specify how your assets should be divided among your spouse and your children. By creating a Will, you can ensure that your assets are distributed according to your wishes, regardless of your marital status.

Further reading: Check out our previous blog post on what happens to your assets if you pass away without a Will in place (intestate).

Myth 4: My kids can have everything

Truth: Similar to Myth 3, a common misconception is the belief that your children will automatically inherit everything in the event of your passing. While this might be your wish, unless you have it documented in a Will, it may not always happen. If you do have children, it is important to have a Will in place to support your assets being distributed according to your wishes. A Will allows you to specify how your assets should be divided among your children, and can also appoint a guardian for your children in the event that you pass away while they are still minors. Additionally, if you have children with different needs or different ages, a Will can help you to provide for them in the most appropriate way. 

Myth 5: I don’t have enough assets to bother

Truth: Some people believe that since they don't have a lot of assets, there is no need to go through the process of creating a Will. However, if you have $15,000 you cross a legal threshold that requires you to need a Will if you want a say in who gets your stuff. A Will allows you to specify any assets you do have that should be distributed in the event of your passing. Furthermore, even if you don't have many assets in terms of money, you might have assets like jewellery, paintings, etc that have sentimental value. Having a Will can ensure you have a say in the people that receive those items.

Fun fact: The legal threshold for needing formal administration (probate) of your assets in New Zealand is a collective value of just $15,000. When you think about your cash, investments, real estate, life insurance policies, and personal belongings, you’ll be surprised how quickly you cross this threshold.

In conclusion, creating a Will is an important step in ensuring that your assets and loved ones are taken care of in the event of your passing. Some people may be hesitant to create a Will due to misconceptions or myths surrounding the process. In this blog post, we have debunked the top 5 myths that may be preventing someone from getting a Will and by understanding the truth behind these myths, you can now make an informed decision about creating a Will and protecting your loved ones and assets. 

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