Most people have basic knowledge of the estate planning process and what it entails. However, this knowledge is rarely more than a superficial understanding. For this reason, estate planning myths have become commonplace.
This is part of the reason so many people avoid estate planning entirely. Of course, this creates horrible headaches for their friends and family, costing them considerable time and money.
These are three such myths that need to go extinct.
Estate planning is only for the wealthy
When most think of trusts, wills, and inheritance, they often imagine a wealthy business magnate bequeathing his vast fortune to his children.
However, estate planning isn’t just for the wealthy, it’s for everyone. Even if we’re not millionaires, we all have valuable assets that we worked hard to acquire. An estate plan ensures those assets end up in the right hands after our death.
Estate planning is only for the elderly
It’s an unfortunate fact of life that no one knows when their last breath will be. With this in mind, it’s never too early to begin getting your affairs in order.
An estate plan, like an insurance policy, is means of preparing for an uncertain future.
All I need is a will
Maybe you do, maybe you don’t. The fact of the matter is that it’s really impossible to know unless you meet with an experienced trusts and estates lawyer.
Assuming that you only need a will automatically eliminates a litany of other estate planning tools that might better suit your situation.
An estate planning lawyer can craft a tailored approach around your unique estate planning objectives, sparing your family stress and also saving them money.