Don’t Myth Out! Know the Truth About Wills

Before you dismiss the idea of needing a will, changing it if you have one, or making a gift in one, check our list of busted myths below.

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

Reality: If you own a home, a car, and/or anything else of value — or simply have money in the bank — you should have a will. Otherwise, the state where you reside will decide who gets your assets when you’re gone…and it may not be who you want.

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

Reality: Every adult should have a will. You know how important it is to provide for not only your spouse or partner but for children, pets, and possibly friends and extended family members. Don’t cause rifts among your loved ones or let the state decide!

Myth 3: Creating a will is time-consuming and expensive.

Reality: Creating a will has never been so convenient and affordable. If the cost is a concern, you can create a simple estate plan using free tools online. A good estate planning attorney is often worth the price if you have a large estate, complex assets, or unique circumstances.

Myth 4: Once I make a will, it’s forever. I can never change it.

Reality: You can change your existing will or even create an entirely new will whenever you like (and are mentally competent to do so). Relationships and circumstances change over time, so you should review your plans periodically. Establishing a distribution agreement to accompany your will can allow you to easily make adjustments to your existing charitable intent at any time.

Myth 5: My loved ones might get upset if I want to give part of their inheritance to a ministry that is important to me.

Reality: They may be more supportive than you expect, especially once they learn that including a charitable organization — your ELCA congregation for example — in your estate plan can make a huge impact and extend your values beyond your lifetime. Have a conversation with them or leave a legacy letter with your will that thoughtfully explains your wishes.

IMPORTANT REMINDER: Giving a gift in your will won’t have to be an all-or-nothing proposition. You could choose to give a set amount or a percentage of your estate to benefit the ministries of Mount Olive by naming our Mission Endowment Fund in your will. Even a small amount or percentage can make a major difference while having a minimal effect on your heirs.

If supporting Mount Olive Lutheran Church and our missions and ministries into the future, our partner, Lisa Maria Higginbotham at the ELCA Foundation can help you find a gift option that makes sense for your stage in life. Contact Lisa by email at lisa.higginbotham@elca.org or by phone at (773) 380-2477 for no-obligation help.