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5 common estate planning myths

| Aug 31, 2020 | Estate Administration, Firm News |

It’s good to prepare for anything that might come our way. Many of us take months to prepare for a wedding or moving to another city, but when it comes to estate planning, we tend to push it aside, year after year.

There are a lot of myths surrounding estate planning, some that make it easier for us to continue shrugging it off until later. Debunking these myths can help you understand just how important estate planning can be and why it’s necessary.

Estate planning is for the wealthy

This is a common myth that is easily debunked because estate planning is for everyone. Regardless of how much money or assets you have, you still need an estate plan. should decide how to distribute your assets after you pass and take the time early on in your life to prepare for unexpected illnesses or injuries.

Estate planning is for the elderly

Another common myth is believing you can wait until you’re older to start your estate plan. The truth is that waiting too long can cause more complications as you will be unprepared for whatever life might throw at you.

If you become sick, injured, or pass away without an estate plan, your family might not know what to do with your assets or your health care. An estate plan offers protection against these unexpected situations.

A will is enough

Many people think creating a will is all they need to do to protect their assets and family. This is not the case. You should consider other essential factors, such as declaring a power of attorney to help with your finances and a health care proxy who will make medical decisions for you if you become incapacitated.

A will is also unable to cover all your assets. Many items, such as retirement accounts and pensions, may require additional documentation and beneficiaries.

I can make everyone happy

Estate planning allows you to establish who will receive your assets after your death. One major misconception is that you will be able to appease everyone in your family with your decisions. You should focus on ensuring all your assets are wisely distributed instead of trying to make sure you can keep everyone happy.

I don’t need to update my plan

An estate plan isn’t just a one-and-done deal. It requires regular updating and revising as you go through life. You may get married, have a kid, or even move to a new state where the estate planning rules are entirely different.

Keeping your estate plan updated is a crucial part of the process so that when something happens, you’re not working off an outdated plan.

Start your estate plan today

Proper estate planning can give you peace of mind for the future. An estate planning attorney can help you make the right decisions to protect your finances, assets and loved ones.

 

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