Almost everyone will encounter estate planning issues at some point in their lives. They may have to process a parent’s estate, distribute an inheritance, or simply plan and prepare their own last will and testament.
Despite the fact that so many people brush up against the matter, myths about estate planning abound. Perhaps this is why states end up with so much unclaimed money every year.
There are three myths in particular that should be swept into the dust bin of history:
1. Estate planning is just for the elderly.
A common misconception is that estate planning is something only the elderly need be concerned with. However, this couldn’t be further from the truth.
Having your estate in order is about protecting your interests and those of your loved ones in the event of your death. It may be unpleasant to think about, but death can happen at any moment. Waiting to plan your estate puts your assets and the interests of your family at risk.
2. Estate planning is only for the rich.
Estate planning is often associated with wealth. After all, why bother planning your estate if you don’t have much to leave behind? However, we all have possessions, property and things of value that we cherish, no matter our net worth.
Furthermore, an item doesn’t have to be valuable to be important. There are heirlooms that may be worth a lot in sentimental value, if not necessarily monetary value. Estate planning ensures what’s considered important to you and your family ends up in the right hands.
3. My estate will be okay with just a will.
It may be convenient to think you only need a simple governing document to organize your entire estate. However, the fact of the matter is that many people don’t truly know what they need.
Estate planning, in its totality, is complex, and the law governing the process is notoriously vague. There many different options available when it comes to establishing how you want your possessions to be distributed after you’re gone.
An experienced estate planning lawyer can help guide you through the process, provide candid advice and create a plan that is tailored to your needs.