Myth 1: Only rich people need, or can afford, an estate plan. This myth comes from the idea that only people with lavish homes, lots of money in the bank, and long lists of personal property can afford to hire an attorney to design an estate plan. People with fewer possessions don’t need to worry because there isn’t much to distribute anyway, right? Wrong. Everyone can benefit from a good estate plan. Even if you only want to make sure your medical choices are followed, or that you want your property to go to specific people, you can make an estate plan that fits your needs and your budget.
Myth 2: Only old people need an estate plan. Young people don’t have to worry about it. While it’s true that seniors without an estate plan have a more pressing concern than younger people, even the youngest adult can use an estate plan. As long as you are at least 18, you can benefit from estate planning. Your needs are different than seniors, parents or others, but you can still use an estate plan to set your wishes in place and ensure they are followed.
Myth 3: I can make it and forget about it. Wrong again. Though you’re way ahead of the game if you have created an estate plan, you need to think about it like a muscle. If it atrophies, you’ll not get much use out of it. On the other hand, if you review it periodically and make changes as needed, you’ll get the most value out of it and can rest assured your plan is complete.
- What Are the Steps in the Probate Process? - September 23, 2021
- Changing “Irrevocable” Trusts Through Decanting - September 22, 2021
- Donor Advised Funds: Too Good to Be True? - September 15, 2021
