Most people don't put off estate planning because they don't care. They put it off because they assume they already know how it works—and those assumptions are often wrong. August is National Make-A-Will Month, which makes it a natural time to revisit what you think you know. Below, we walk through five of the most common misconceptions about wills, probate, guardianship, and medical authority and explain why the real answers matter more than most people realize.
Myth 1: Having a Will Avoids Probate
FALSE
This is one of the most persistent misconceptions in estate planning, and it catches families off guard at the worst possible time. A will does not skip probate. In fact, a will is an instruction set for probate—it tells the court who should receive your assets and who should serve as executor, but the court still has to validate the document to give the executor authority to begin the process and make distributions. Probate is the legal process through which a deceased person's estate is administered. When you have a will, that process is guided by your wishes. When you don't, it's guided by state law. But either way, probate happens.
What actually avoids probate? Certain trust structures—most commonly a revocable living trust—can hold assets outside of the probate process entirely. Accounts with designated beneficiaries (like retirement accounts and life insurance policies), jointly held property with rights of survivorship, and payable-on-death or transfer-on-death designations also pass outside probate. A will, by itself, does none of that.
The distinction matters because probate can take months or even years in some jurisdictions, involves court costs and legal fees, and is a matter of public record. For families who value privacy, speed, or simplicity, understanding that a will alone doesn't accomplish those goals is the first step toward a more comprehensive plan.
A will is essential—but it's the starting point, not the finish line. If avoiding probate is important to you, the conversation needs to go further.
Myth 2: If I'm Married with Kids and Die Without a Will, Everything Goes to My Spouse
FALSE
This assumption feels logical—and in a few states, it's close to accurate. But in Georgia, where BIP Wealth is headquartered and where many of our clients live, this is not how it works.
Under Georgia's intestate succession laws (O.C.G.A. § 53-2-1), if you die without a will and are survived by both a spouse and children, your estate is divided equally among your spouse and children—with the important caveat that the spouse is guaranteed no less than one-third of the estate, regardless of how many children there are.
That means if you have a spouse and three children, your spouse would receive one-third and your children would split the remaining two-thirds. Many people assume their spouse will receive everything and are stunned to learn that their kids—including minor children who may need a court-appointed guardian to manage inherited assets—are entitled to a share.
Other states handle this differently. Some give the surviving spouse a larger share or the entire estate if the children are also the spouse's children. Some don't. The point is that without a will, you're not making the decision—your state legislature is. And the default rules were written for the broadest possible set of family situations, not for yours specifically.
If you want your spouse to be fully provided for, don't leave it to statute. A will—and potentially a trust—lets you make that call yourself.
Myth 3: Estate Planning Is Only for the Wealthy
FALSE
It's easy to see why this myth sticks around. Estate planning gets associated with large inheritances, complicated trusts, and the kinds of tax strategies that only matter when you're dealing with millions of dollars. And it's true that high-net-worth families often need more sophisticated planning. But the core of an estate plan has nothing to do with how much money you have.
A basic estate plan consists of three documents that every adult should have in place:
A will directs how your assets are distributed after death and names an executor to manage the process. It can also nominate a guardian for minor children—something that has no substitute.
A financial power of attorney designates someone to manage your financial affairs if you become incapacitated. Without one, your family may need to go through a court-supervised guardianship or conservatorship proceeding just to pay your bills or manage your accounts.
A healthcare directive (or advance directive) documents your medical treatment preferences and names someone to make healthcare decisions on your behalf if you can't make them yourself.
These three documents form the foundation. They're not about wealth—they're about authority, clarity, and control. Trusts are the extra-credit layer, useful for avoiding probate, managing complex assets, providing for beneficiaries with special needs, or structuring distributions over time. But the foundation comes first, and it applies to everyone.
If you're an adult with any combination of a bank account, a lease, a child, or a body that could become incapacitated, you benefit from a basic estate plan. Full stop.
Myth 4: If I Die Without a Will, My Family Can Raise My Child
TRUE — BUT ONLY AFTER A COURT DECIDES WHO
This one is accurate as stated: if you die without naming a guardian for your minor children, a judge will decide who raises them. And while courts make that decision with the child's best interests in mind, the person a judge selects may not be the person you would have chosen.
Georgia law establishes a statutory priority for who can petition for guardianship, and judges consider factors like existing relationships, stability, and proximity. But the process is a court proceeding, which means it can involve disagreements among family members, delays, and outcomes that reflect legal standards rather than personal wishes.
A will is the only reliable way to formally nominate a guardian for your children. That nomination isn't automatically binding—courts still have discretion—but a clearly stated preference from a parent carries enormous weight. Without one, you're leaving the most personal decision a parent can make entirely in the hands of a legal system that doesn't know your family the way you do.
This is also worth thinking about beyond the "who." A guardian nomination in a will can be paired with a trust that provides financial resources for the guardian to use on behalf of your children—ensuring that the person raising them also has the means to do so without dipping into their own finances.
If you have minor children, this alone is reason enough to create a will. Naming a guardian is one of the most important things a will does—and one of the few things nothing else can replace.
Myth 5: My Spouse Automatically Has Authority to Make Medical Decisions If I'm Incapacitated
IT DEPENDS
This one is tricky because it feels like it should be straightforwardly true—and in some states, it partially is. Many states have enacted default surrogate consent laws that establish a priority list of decision-makers when a patient can't speak for themselves, and the spouse is typically near the top of that list. But "default surrogate" is a far cry from "automatic authority," and the details matter enormously.
In some states, the default hierarchy requires agreement from multiple family members—not just one. In others, the surrogate's authority is limited to specific kinds of medical decisions and may not cover end-of-life care, experimental treatments, or psychiatric commitments. Some states don't have a default surrogate law at all, which means your spouse may need to petition a court for guardianship just to make time-sensitive healthcare decisions—a process that can take weeks.
Even in states where the law is relatively clear, default surrogate statutes can create conflict. If you have adult children from a prior marriage, siblings with strong opinions, or family members who disagree about your care, a statutory hierarchy can become a flashpoint rather than a resolution.
A healthcare directive eliminates the ambiguity. It names the person you want making decisions, spells out your treatment preferences, and gives medical providers a legally recognized document they can act on immediately. Without one, you're relying on a backup statute instead of your own clearly stated choice.
Don't assume the law will sort this out the way you'd want. A healthcare directive takes five minutes to discuss and can prevent weeks, months, or in the worst cases, years (see, e.g., Terri Schiavo case) of legal and emotional turmoil for the people you love.
The Real Risk Is Assuming You're Covered
None of these myths are unreasonable things to believe. They're intuitive. They're what most people would guess. And that's exactly what makes them dangerous—because the gap between what you assume and what actually happens is where families get hurt.
Estate planning isn't a single event. It's a set of decisions that should be revisited after major life changes—a marriage, the birth of a child, a move to a new state, a change in your financial picture. And for most people, the barrier isn't cost or complexity. It's just inertia.
National Make-A-Will Month is a useful nudge. But the content of this post is evergreen: these myths don't expire, and neither does the importance of getting your plan in order.
The best time to create an estate plan was years ago. The second-best time is now. And the worst time is when your family needs one and it doesn't exist.
If you have questions about how estate planning fits into your broader financial picture, reach out to us to connect with a BIP Personal Wealth advisor.
Disclaimer: This blog is intended for informational purposes only and does not constitute legal advice. Please consult your personal attorney before making any legal decisions.
