5 Estate Planning Myths (You’ve Probably Heard #4)April 8, 2020 11:11 am Leave your thoughts
Estate planning is something that many people don’t think about until they’re facing a situation that calls for it. Perhaps it’s a scary medical diagnosis or you find yourself trying to sort out a loved one’s affairs after they’ve passed away and you’ve vowed to never leave a mess for your family. Whatever the reason, thinking about estate planning is a good thing. It means you’re ready to take the next step in the process.
But what if you’re completely new to estate planning? Maybe hearing those two words freaks you out or makes you laugh because “estate planning isn’t for people your age”. We’ve heard that and so many more estate planning myths. Don’t fall for them.
Only Wealthy People Need Estate Plans
This couldn’t be further from the truth. The reality is, everyone needs an estate plan. Regardless of what your bank account says or how much or how little debt you have, estate planning gives you the power to say who gets what when it comes to everything you’ve worked so hard for. From your house to a sentimental picture from childhood, you’ll want the chance to make sure they go to the right person.
My Spouse/Partner Will Get Everything
Not necessarily true. The situation gets messy if you and your spouse pass away at the same time or if something unexpected comes up with your spouse. It can get downright nasty if you have children from a prior marriage. It also leaves plenty of room for complications if you want your kids to get something, but don’t have it properly documented (this includes not just writing it down, but also having it witnessed and legally documented).
My Retirement/Investment Accounts Already Say Who Gets Them
You might have a beneficiary listed on these accounts, but including those details in your estate plan will help to ensure that individual received what you’ve granted them. Including them in your plan eliminates confusion. Just make sure you have the same person listed in both places.
I’m Too Young
Listen, we hope you’ll pass at an old age after living a great life. But the reality is that anything can happen at any time. Young people are not immune to life’s curveballs. Protect your family and loved ones by ensuring you have an estate plan in place.
You Can Do It On Your Own
Sure, you can try but it’s not something you want to mess up. Estate planning is complicated. That’s why we’re here. Don’t fall for this myth, which might make it seem like a note on a napkin is enough to settle your estate. Need more convincing? Read all about these celebrities with estate plans that went wrong due to poor planning and execution.
Interested in learning more about estate planning? We can help. Now more than ever it’s important to get your affairs in order and ensure your family is taken care of after you pass way. Contact us for a free consultation.
Category: Estate Planning
This post was written by Cohen and Winters