3 Estate Planning Myths Debunked
There are few certainties in life, but estate planning is necessary in order to prepare for your legacy and secure your family’s future. Depending on your circumstances, you may wish to arrange a will or a trust—and it’s important to remember that reviewing your estate plan on a regular basis is crucial since an outdated estate plan can complicate matters for your surviving relatives.
Either way, the sooner you get started, the better. Setting a plan in motion even when you are young and healthy is one way you can take control of your future and the lives of your children and grandchildren. We all hope to live long, healthy, and abundant lives, but it’s important to provide for future generations when we pass.
There are plenty of prevailing myths and misconceptions that your legal team is happy to debunk to clarify some essential factors about the estate planning process.
1. Estate planning is only for the elderly.
The young are prone to thinking themselves invincible, and while scientific and medical advances have ensured that most young people do not have to worry about their lives being cut short, it can and does happen. Having an action plan in case of an unexpected illness or accident is advisable, even if you do not have children of your own yet.
2. Estate planning is only for those with great wealth
Though the wealthier one is, the more assets they may need to redistribute upon death, wills and trusts are certainly not exclusively for the ultra-rich. No matter your financial situation, you should prepare a will or trust if you have assets.
3. You don’t need to update your estate plan.
An outdated estate plan can be more harmful than none since assets—and familial relationships—can change drastically. Prepare to review your estate plan every few years and update your attorney on any significant changes.
Since we tend to avoid discussing estate planning, it’s common for misinformation to be accepted as fact. If you have any further questions about your estate plan, or you’d like to take the first step in arranging your will or trust, consult a family law attorney at Striegle Law.