25 Years Of Experience In Elder Law, Guardianship And Estates

3 estate planning myths

On Behalf of | Feb 13, 2024 | Estate Planning |

People sometimes make estate planning mistakes because they believe myths. They don’t know that these are myths at the time. They may just think that they’re getting good advice from friends or family members.

These people could unintentionally be passing along problematic and inaccurate information. To help, let’s take a quick look at three of the more common estate planning myths.

It’s only for the wealthy

In fact, estate planning is not just for the wealthy, because it is not just about finances. In addition to passing assets on to the next generation, an estate plan can be used to make your wishes known for life-prolonging measures in advance of a time when you may not be able to speak for yourself, for example. And even for those who aren’t wealthy, estate planning is very important for sentimental items and family heirlooms.

All you need is a will

A will is a good start, and it is better than not having any estate plan documents at all. But it’s dangerous to assume this is the only document that you need. You may also want to consider things like a living will, a power of attorney, a trust and much more.

You can do it later

When people are asked why they don’t have an estate plan, they often say that they’re putting it off until the future. This feeling is understandable, because people often think they don’t need to create an estate plan near the end of their life. It’s often better to make the estate plan early and then just update it periodically, as no one can predict when the end of their life will actually be.

Are you ready to create an estate plan? If so, take the time to carefully consider all of your legal options to develop a plan that works for your family. Getting sound estate planning guidance will help.