Shawn and Anise marry, bringing four young children from prior marriages, and decide to have another together. They each have assets from their previous marriages. When Shawn passes 35 years later, there are several surprises: Anise needs to wind down Shawn’s construction business, which she knows nothing about; the stepchildren want her out so that they can sell the house to get their share; the lake house that was meant for their five children still has the ex-wife on the deed; and Shawn’s life insurance has the ex-wife and their first born child named as beneficiaries! WHAT??! But he said he had taken care of everything!
Let’s talk about persistent myths surrounding wills and estate planning and the reality behind each. Estate Planning is:
1. “unnecessary. If I die without a will, everything goes to my spouse.”
Reality: The law decides where your assets go if you don’t, and it’s not always simple. Assets may be split between a spouse and children, involve other relatives, sometimes even an ex-spouse or two. Additionally, even with a will giving everything to your spouse, there is no obligation to take care of the stepchildren. The next spouse may end up with everything.
2. “too complicated or expensive.”
Reality: Not having a plan is often far more costly—financially and emotionally—for the people you love.
3. “only for the rich. I don’t have enough assets to need an estate plan.”
Reality: Estate planning isn’t about wealth, it’s about family. Everyone needs clear instructions to avoid family arguments, confusion, and delays. A big part of planning includes preparing for incapacity, guardianship for minor children, avoiding probate, providing privacy, and managing assets for children and spouses.
4. “unnecessary. My will avoids probate.”
Reality: A will actually goes through probate if you have even a modest amount of probatable assets. Currently the state legislature is considering raising the threshold. A will helps guide the court, but it doesn’t bypass the process. Tools like trusts are what can help avoid probate.
5. “… My family will know what I want.”
Reality: Everyone believes they know what mom wanted, and they will fight tooth and nail for what they think is right. A written, legally valid plan prevents confusion and fights.
6. “…I just need a will.”
Reality: Remember, planning is about family, not simply who gets what. Your plan should also include these:
- Durable power of attorney
- Healthcare directive or living will (these are not the same thing)
- Guidance on beneficiary designations
- Possibly a trust
7. “…Once I create a plan, I’m done.”
Reality: Life changes… marriage, divorce, births, deaths, or significant financial changes happen. Your plan needs to keep up!
A firm focused solely on estate planning and elder law can help guide you through every step. At Timmel Richards Stengel Law, we work with individuals and families of all ages and financial situations to create plans that truly protect what matters most. With our flat-fee approach, you’ll always know what to expect. Call (812) 590-2771 to get started.
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