When it comes to planning for the future, one of the most common documents that people overlook is a will. Unfortunately, several misconceptions stop many individuals from taking the important step of creating a will. Let’s debunk three prevalent myths about wills that might be keeping you from protecting your loved ones and your legacy.

Myth #1: “I’m not rich, so I don’t need a will.”

One of the biggest misconceptions about wills is that they’re only necessary for wealthy individuals with extensive assets. The truth is, a will isn’t just about passing down money or property—it’s about ensuring that your wishes are followed, no matter the size of your estate.

Even if you have modest savings, a car, or cherished personal possessions, a will allows you to specify who receives these items. Without one, the state will make those decisions for you, which may not align with your intentions. Having a will also lets you name a guardian for minor children, designate who will manage their inheritance, and minimize potential conflicts among family members.

Myth #2: “I’m young, and wills are only for people well into retirement.”

It’s easy to think of estate planning as something to deal with “later,” but life is unpredictable, and it’s never too early to have a plan in place. If you’re over 18 and have any assets, responsibilities, or people who depend on you, creating a will is a smart move.

For young adults, a will can ensure that their digital assets, such as social media accounts and online subscriptions, are handled properly. For young parents, it’s crucial to create a plan for your children should the unexpected occur. Planning early can also give you peace of mind, knowing that your wishes are documented regardless of life’s uncertainties.

Myth #3: “I don’t need a will—I’m married, and everything will just go to my spouse.”

While it’s true that some assets pass directly to a spouse, this isn’t always automatic or comprehensive. For example, if you have children, some states require that your estate be divided between your spouse and children, which can lead to complications. Additionally, assets like jointly owned property or retirement accounts with named beneficiaries aren’t covered by a will—but your other possessions would be subject to state intestacy laws if you don’t have will.

A will provides clarity, reduces potential legal headaches for your spouse, and ensures that your entire estate is distributed according to your wishes. It can also include plans for contingencies, such as if you and your spouse pass away simultaneously.

Creating a will is an essential part of financial and personal planning, no matter your age, wealth, or marital status. By addressing these myths and taking the time to draft a will, you can protect your loved ones from unnecessary stress, ensure your wishes are respected, and gain peace of mind.

If you haven’t already, consider speaking with an estate planning professional to get started. Remember, it’s not just about what you leave behind—it’s about leaving a legacy of care and intention.