When it comes to estate planning, there’s so much gray area that it’s easy to confuse fact and fiction. Unfortunately, if you believe a simple myth to be true, it can harm your ability to create a comprehensive, legally binding estate plan to protect you and your family.
Here are some of the many estate planning myths that could cause you trouble:
- You’re too young for an estate plan: Even young people, such as those who are just entering the working world, need an estate plan. Don’t wait until later in life to think about estate planning, as you never know what tomorrow holds.
- Your family will take care of everything: You hope that this is the case, but there are laws in place that takeover should you pass on without a will or trust. Rather than put your loved ones in a bad spot, create an estate plan to protect them upon your passing.
- It’s only for asset planning: Yes, you create an estate plan to ensure that your assets end up with the right people upon your death. However, it’s much more than that. You can use it to name a guardian, appoint a power of attorney agent and plan for incapacity. And that’s just the start.
As you learn more about estate planning and what makes the most sense for you and your family, it’s easy to avoid these mistakes as you make informed decisions.
Even if it takes you some time to get on the right track, as you slowly move through the estate planning process you’ll begin to understand your legal rights and how to put your mind at ease.