3 Common Myths that Keep People from Will Planning
There are a set of common misconceptions today about will planning and creating a will for yourself. It can initially seem too overwhelming, complex or expensive. We believe these myths can prevent you from taking the necessary steps to complete your very own will. MB Foundation is prepared to help you overcome these common myths to get the right plan in place for you!
Please click here to listen to a recorded discussion titled "3 Common Myths that Keep People from Will Planning." Listen to our President & CEO, Jon C. Wiebe de-bunk these myths about will planning.
Ready to create or update your plan and need some help? Contact us at 1.800.551.1547 or click here for a free copy of our Will Planning Guide.
Here's a brief recap of what was shared during the discussion:
Myth #1: I know I should update my will or estate plan, but I just don't have the time.
Truth: No matter how busy we are, we really can't afford not to make the time to create or update our will. We never know when changes in our family or health could impact the relevance of our will. Don't wait until an unexpected or unsettling trigger reminds you it's time to take action.
Myth #2: If I create an estate plan and go on to communicate it to my loved ones, it will be emotionally distressing for them.
Truth: While no one particularly enjoys the idea of talking about their death, the ramifications of not creating an end-of-life plan or communicating it to the loved ones who most need to know, could be monumental. No one wants to heap additional financial, legal or relational stress on their loved ones, especially during a time of grief. Even though we may think we're shielding our kids by not discussing these things, we may be setting them up for greater heartache and stress later.
Myth #3: I don't need an estate plan because I feel like I barely have enough money to even retire on. Why would I spend the money to create a plan when I have so little to pass along?
Truth: Creating or updating a will costs very little when you consider the impact it can make. Plus, a lot of people have much more than they realize! We also like to remind people to think beyond the dollar value they are leaving behind. Consider creating a "love drawer" that includes important contact information, passwords and even recipes you want to pass along to the next generation.