Estate Planning Myths

Estate planning is one of the most important parts of your life plan. As you age, the reality of your time on earth becomes an important part of how you plan for your future and your family’s future. Even though the thought of an estate plan is an overwhelming subject, it’s important to be realistic about it, as this is one of the most important plans that you will ever make.

“I’m Too Young”

Many individuals put off estate planning until they’re well into their 60s, which is quite risky. There is nothing constant in life besides the promise of change, and things can change for the worst at any time.

Making a plan for your estate is one of the boldest decisions you can make. They’re easily editable and can be adjusted to your wealth as your life unfolds. It is so important to plan early, because in the event of something tragic, you won’t be leaving behind more questions than answers.

Estate Planning Doesn’t Pertain to Me

There’s a common misconception that only wealthy people need an estate plan. In actuality, you need an estate plan regardless of the size of your estate. Everything you own, whether that’s money, jewelry, or just photo albums will go to someone eventually. Regardless of the amount of assets, you’ll likely want to have control over passing your legacy on to the right people.

I Can Plan By Myself

No one expects you to be able to make a complete estate plan by yourself that accounts for any possibility, and that’s why it’s important to seek help moving forward. You’ll be able to better adapt to potential unknown situations with the assistance of a planning professional. Your team will also be there to help you realize you can’t make everyone happy, as money can split pretty evenly, but things like heirlooms cannot.

At the end of the day, it’s your decision on where this money and these possessions go. It’s good to not second guess what people will think of you afterward, just try to be as fair and balanced as possible. Overall, the help of a professional will ensure that you don’t miss any major points and that you stay in compliance with major laws.

I'm Married, So It’s Already Arranged

Many people believe they don’t need to make an estate plan once they’re married because it’s already drawn up in the marriage contract. While marriage does make dividing your assets easier, it does not make it as clear cut as one may hope. For example, if you and your spouse pass together, there will be questions about where the money and possessions are going afterward.

This can get increasingly complicated if there are certain heirlooms you’d like going to specific people or you need certain trusts put in place to help you navigate how the wealth and when that wealth is to be distributed. The presence of an estate plan ultimately helps to outline those specifics.

My Family Can Make The Decision

Pinning these types of responsibilities on your family is potentially one of the worst things you could do. When a death happens in the family, it’s already hard enough. Loved ones are going to have to cope with your absence forever, and an unorganized estate just adds to the heap of responsibilities.

If you choose the wrong person to be the executor of your estate, or you don’t make your plans clear, then it is likely that you’ll cause problems in the family dynamic. Avoid these issues by establishing an estate plan upfront. At the end of the day, the goal is to diminish potential issues as much as possible, so you can leave as little chaos in your wake as possible.

I Don’t Have To Let Your Family Know About The Will

In many movies and TV shows, you’ll hear tales of people supposedly leaving a will out of the general topic of conversation and the distribution being a surprise to everyone in the room. Speaking with your heirs and loved ones about your plans for your estate helps to alleviate potential family issues. This can also become an issue in the form of loved ones making decisions based on the estate without reading the will.

It’s a known issue that, without a family being told about your wishes beforehand, the will is likely to be ignored and then become a legal issue for your family members later on. If you don’t let them know about your wishes, they won’t know to follow through on them. They also likely won’t be aware of various insurance policies, stocks, properties, and digital assets that they need to claim and distribute according to your directions. Your estate plan and wishes shouldn’t be a surprise for your family. Let them know what’s going on in your estate planning organization and what they can expect.

Once It’s Done, It’s Done

Your estate plan, depending on how early you create it, will have to be adjusted as time goes on. Your initial estate plan will likely just be a blueprint of where your assets will go if you should pass unexpectedly; however, as you age, you’ll likely accumulate wealth in different ways. It is a good idea need to make updates as you go and from time to time, as constant changes will result in a complete plan that satisfies all of your wishes.

Interested In Working With Us?

If you need any help regarding your business or other legal matters please reach out to us directly here and schedule a call with one of our paralegals on our scheduling page here.