Estate planning is an important part of life, but an unfortunate number of people are misled by rumors and myths surrounding the process. In this article, we’ll review a few of the most persistent myths about estate planning in the hopes that it encourages readers to start the process for themselves.
Myth: Only wealthy people need to bother with estate planning.
The truth is that estate planning is about more than just controlling what happens to your wealth and assets. Even if you don’t consider yourself wealthy, estate planning ensures that what you do have is handled according to your wishes. Additionally, many people choose to include items like healthcare directives and guardianship of minors or pets in their estate planning documents.
Myth: Estate planning is something that can wait until you’re older.
Accidents and unexpected events don’t discriminate based on age, and estate planning ensures that you’re prepared in the event that something happens to you. Estate planning also handles more than just end-of-life directives; if you were to be incapacitated in any way, your estate planning ensures you’re cared for the way you want to be.
Myth: I don’t need a lawyer; I can use online forms to handle my estate planning documentation.
There are some DIY estate planning documents available online, but this is a complex legal process that comes with serious consequences. Working with an experienced estate planning attorney ensures that you thoroughly understand the documents you’re putting into place, as well as their ramifications.
Myth: Once I’ve completed my initial estate planning documentation, I don’t have to think about it again.
Life is ever-changing, and it’s important to update your estate planning documents accordingly. It’s a good idea to review and revise your documents after any significant life event, such as marriage, divorce, having a child, buying or selling property, moving, and after any significant changes in income.
