Top 10 Estate Planning Myths
Have you ever wondered what would happen to your money and belongings if something unexpected happened?
Estate planning provides an opportunity to prepare for any future incapacity and your death, while you’re able. It’s a practical step that everyone should take to ensure their wishes are carried out and their loved ones are protected.
What is Estate Planning?
The benefits of estate planning extend beyond financial matters. You, and your loved ones, also gain peace of mind, knowing that you and they are taken care of.
A formalized estate plan typically involves multiple documents, the combination of which depends on your wishes and circumstances. These documents can include a will, trust, durable power of attorney, and an advance healthcare directive.
Estate planning isn’t just for the wealthy or the elderly. To challenge this misconception, here are 10 estate planning myths debunked.
Estate Planning Myths Debunked
Estate planning is only for the elderly.
It’s never too early to start planning. Accidents, illnesses, and unexpected events can happen to anyone at any age. It’s best to be prepared, making disability planning essential.
Estate planning is only for the wealthy.
Everybody, regardless of their financial situation, can benefit from having an estate plan. Even if you don’t own significant property, your estate may include valuable assets like bank accounts.
A will is enough.
While a will is a crucial component of any estate plan, it doesn’t address all potential estate planning needs such as incapacity.
Estate planning is one a one-time event.
Your circumstances may change over time (e.g., marriage, divorce, children, new assets). Review your plan regularly to ensure it aligns with your current goals.
Estate planning is a one-size-fits-all solution.
Every individual’s needs are unique, so a personalized plan is essential to ensure your wishes are carried out.
Estate planning is only about death.
Estate planning also includes planning for incapacity, ensuring your wishes are followed if you’re unable to make decisions for yourself.
My family can and will know what to do.
Without the right documents your family, including your spouse, may not be able to do what you want. And without clear instructions family members may face uncertainty and disagreements when dealing with your estate.
Estate planning is a guarantee against probate.
While trusts can help avoid probate, certain assets may still be subject to the probate process. An estate plan, therefore, might not be able to avoid probate, but it can expedite the process.
I can do my own estate plan.
While you can do your own estate plan, it’s important to understand that estate planning can be complicated. Documents need to comply with state laws to be valid. Mistakes can have significant consequences for your loved ones including familial disputes, delays, and increased costs. That’s why it’s always a good idea to speak to an attorney.
Estate planning is too expensive.
The cost of estate planning is often small compared to the potential legal fees and complexities that can arise without proper planning. Estate planning attorneys will help ensure your documents comply with state laws and are filed appropriately.
Begin Your Estate Plan Today
Navigating the complexities of estate planning can feel overwhelming. Our experienced estate planning attorneys can provide you with the expert guidance and support you need to make informed decisions. Schedule an initial consultation today to discuss your concerns and explore the best options for your unique situation.
