Why a Will Matters: Debunking Common Estate Planning Myths

Why a Will Matters: Debunking Common Estate Planning Myths

When it comes to estate planning, many people assume making a will is something they can put off until later in life or only need if they have significant wealth. In reality, having a will is one of the most important steps you can take to help protect your loved ones and help ensure your wishes are honored.

According to Kristin Reel, Trust Legal Counsel for United Bank Wealth Management, "Making a will isn't about the size of your bank account. It's about having a plan and ensuring that your voice is heard." 

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At a Glance

  • A will isn't just for wealthy individuals. It helps ensure your wishes are carried out regardless of the size of your estate. 
  • Estate planning is not tied to age. Having a plan in place can help protect your loved ones at any stage of life. 
  • Without a will, state laws determine how your assets are distributed, which may not align with your intentions. 
  • A will can help you make important decisions regarding children, family heirlooms, pets, and other personal priorities. 
  • Creating a simple plan today can provide clarity and peace of mind for your loved ones in the future.

Let's take a closer look at some of the most common myths surrounding wills and the facts every family should know.

 

Myth #1: I Don't Have Enough Assets to Need a Will

This is one of the most common estate planning myths and one that can leave families facing unnecessary challenges.

According to Reel, "That's actually one of the biggest misconceptions about estate planning." She notes that a will isn't solely about transferring wealth. It's about making important decisions and documenting your wishes.

A will can help you:

  • Name a guardian for minor children
  • Specify who should receive family heirlooms or sentimental items
  • Provide instructions for caring for pets
  • Ensure your personal wishes are clearly documented

"Even if you don't have a lot of assets, everyone has important decisions worth making," Reel says.

 

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Will Writing Tip

Think beyond financial assets. Consider the people, possessions, and priorities that matter most to you when creating your will.

Myth #2: I'm Young, So Making a Will Can Wait

Many adults believe estate planning is something to address later in life. However, having a plan in place is important regardless of age.

"Estate planning isn't an age milestone. It's a life planning tool," Reel explains. 

Life circumstances can change unexpectedly. Whether you're starting a family, buying a home, building savings, or building your career, creating a basic estate plan can help provide protection and peace of mind.

As Reel points out, "Having a plan in place doesn't mean that you're expecting the worst to happen. It just means you're prepared in case it does."

 

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Will Writing Tip

Review your will after major life events, such as marriage, the birth of a child, divorce, or significant changes in your financial situation.

Myth #3: Everything Will Automatically Go to My Family

This misconception can create significant surprises for loved ones.

"If you pass away without a will, your state's default rules will control how your assets are distributed, and that might not reflect your personal wishes," Reel says. 

Known as intestacy laws, these state-specific rules determine who inherits your assets when no valid will exists. Depending on your circumstances, the outcome may differ from what you intended.

Having a will helps ensure that your decisions, not default state laws, guide how your assets and personal matters are handled.

"Having a will in place ensures that your intentions and not your state default rules guide those decisions," Reel adds.

 

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Will Writing Tip

Clearly identify beneficiaries and keep your estate planning documents updated to reflect your current wishes.

Key Takeaway

Kristen Reel Headshot
So what's the takeaway? Making a will isn't just about what you own. It's about making important decisions for the people and priorities that matter most to you.

- Kristin Reel, Trust Legal Counsel for United Bank Wealth Management

A thoughtfully prepared will can:

  • Help reduce confusion for loved ones
  • Provide clarity during difficult times
  • Support your long-term family goals
  • Document your wishes in a legally recognized manner

According to the American Bar Association, a will allows individuals to direct how property is distributed, nominate guardians for minor children, and appoint a trusted person to carry out their wishes. Recent findings from Caring.com's 2025 Wills and Estate Planning Study show that many Americans still do not have estate planning documents in place despite understanding their importance.

 

Ready to take the first step?

Whether you're creating your first will or reviewing an existing estate plan, United Wealth Management can help you navigate the process with confidence. Connect with our team to discuss your goals and begin building a plan that helps protect the people and priorities that matter most.

Talk With a Wealth Advisor
Sources
American Bar Association, Estate Planning and Wills Resources
Caring.com 2025 Wills and Estate Planning Study
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