Many people think estate planning is all about wealth protection, but that’s only part of the story. Creating an estate plan also helps you plan your life, particularly when it comes to inheritance and making sure your money goes where you want it to go.
Many people think estate planning is all about wealth protection, but that’s only part of the story.
Creating an estate plan also helps you plan your life, particularly when it comes to inheritance and making sure your money goes where you want it to go.
However, if you believe any of these five common estate planning myths, you are unaware of the full benefits of estate planning.
Here are five common estate planning myths and the truth behind them
Myth #1: I Can Write My Own Will
If you want to make sure your estate goes to someone, don’t leave it up to interpretation.
Most states require at least two witnesses and a notary for a will to be valid, so even if you’re incredibly generous or incredibly thorough, there’s no way for anyone else but your lawyer (and maybe not even him) to know exactly what you wanted.
Plus, because every state has different inheritance laws, your carefully-crafted will may go unheeded by a judge who thinks he knows better than you did about how to distribute your assets.
A legal professional can ensure that there are no loopholes in your estate plan so that when you die everything is distributed as intended—even if some part of it is unexpected.
Myth #2: Estate Planning Is Too Expensive
Like most big financial issues, estate planning isn’t cheap but it doesn’t have to break your bank either.
Here are a few ways you can plan for your family and minimize expenses.
Choose an attorney who specializes in estate planning: Not all attorneys practice law in the same way.
When you’re looking for one to handle your estate planning needs, ask friends and family if they know any lawyers who focus their practices on Wills or Trusts (which are both typically part of an overall estate plan) rather than criminal defense or corporate law.
A specialist will likely be able to give you better rates than someone with a more generalist background.
Myth #3: Estate Planning Is Only For Rich People
Everyone should consider estate planning, regardless of their financial status.
A will and an advance directive are at the heart of estate planning and can help ensure that your final wishes are carried out according to your wishes.
Myth #4: Estate Planning Is Only For Super Rich People
Estate planning helps families make decisions about their assets, as well as how those assets will be distributed after a loved one passes away.
This is important, regardless of how much money you have in your bank account.
Even if you don’t have millions of dollars to your name, putting together an estate plan can help ensure that your children and spouse will continue to lead comfortable lives without having to worry about financial burdens placed on them by an unexpected death.
Myth #5: I Don’t Need To Worry About Estate Planning.
I Have Nothing to Leave.
10% of Americans have no estate planning documents.
25% of people will make a new will in their lifetime (National Center for State Courts).
Estate planning is important, even if you don’t have any property or assets!
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