There are many myths that surround estate planning. In fact, these myths can lead to a great disadvantage for those who choose to stay misinformed. But in light of staying informed and getting some of the common estate planning myths out of the way, here are some of them.
1. Only Rich People Invest Time In Estate Planning
Just because you don’t have millions in the bank doesn’t mean you shouldn’t look into estate planning. Remember, this is a process where you distribute your sentimental possessions and everything else you own. If you don’t do it, regardless of how little you think you have, you might leave your loved ones in a small claim war.
2. Only Old People Think About Estate Planning
While it is definitely something you should take seriously in your senior years, estate planning cannot be left until the spur of the moment. When you pass on, there is no coming back and executing a will.
If you have people who depend on you, estate planning needs to happen as soon as possible. Seeing as nobody can predict the future, you are never too old to execute a will.
3. Estate Planning Is Basic And Straightforward
Unfortunately, estate planning isn’t just about choosing beneficiaries and forgetting about the document altogether. You need to take into account things that can change. For example, the person you leave everything to might pass away unexpectedly, meaning provisions have to be in place.
These types of considerations are usually focused on when you use an experienced estate planner. They know which questions to ask and how to expand on a basic will.
4. Everyone Will Be Happy With Your Choices
There is simply no pleasing everyone, even with a big estate plan. You have to decide who deserves what, and you need to stick to your decisions. You won’t be able to satisfy everyone’s needs, so don’t put unnecessary pressure on yourself.
5. Estate Planning Isn’t Necessary If You Trust Your Family
As much trust as you might have in your family to do the right thing, the situation is going to be challenging. Dealing with your death can change their perspective, and ultimately create a fight over who gets what.
Don’t expect your family to think logically during this time, because they won’t. Instead, execute a will and keep them from making the situation worse.