Almost everyone brushes up against the estate planning process at some point in their life, yet so few truly understand the topic. For this reason, estate planning mistakes continue to create headaches for both planners and their families. Part of the problem is that, when it comes to estate planning, myths abound. Here are three common estate planning myths and why they’re wrong.
Estate planning is for seniors
It’s true most estate plans come into play only after death, but it’s an unpleasant fact of life that we don’t know when we’re going to die. We have insurance policies, savings, retirement funds, and other financial and legal tools in place to protect ourselves from an uncertain future. Similarly, having an estate plan long before your expected demise ensures your assets are protected in any eventuality.
Estate planning is only for rich people
We all have assets worth protecting, even if we’re not millionaires. An estate plan ensures the assets and wealth we have worked so hard to acquire end up in the right hands.
I just need a will
Frankly, you probably don’t know what you need. Everyone has unique estate planning needs just as everyone has unique lives and objectives. By limiting yourself to a will, you’re ruling a litany of other effective estate planning tools that may better suit your preferences.
Effective planning starts with finding the right guidance
Estate law is notoriously slippery and vague, only an experienced professional can craft an effective strategy that’s both tailored to your objectives and holds up in court. Furthermore, they can foresee issues before they arise, giving you peace of mind and saving your family headaches down the road. If cost is a concern, many lawyers offer a free initial consultation at no out-of-pocket cost to the client.