When you mistake estate planning myths for fact, there’s a greater chance that you’ll make a mistake that affects you and/or your family now or upon your death. Since you don’t want to put the well-being of your loved ones at risk, it’s critical to become familiar with the many myths that have the potential to complicate your situation.
While there are a countless number of estate planning myths that can bog you down, it’s these three that often require a large portion of your attention:
- Estate planning is only for the wealthy: This is a long-standing myth that you should never believe. Regardless of your financial situation, there are benefits of creating an estate plan. Don’t wait until later in life, as you begin to accumulate more assets, to strongly consider the creation of an estate plan.
- Young, healthy people don’t need an estate plan: Being young and healthy is a good feeling, but it doesn’t excuse you from creating an estate plan. You don’t know what the future holds, so you should always protect yourself with an estate plan. Forget about your age and health for the time being, and pay attention to what an estate plan can do for you now and in the future.
- Assuming your spouse will inherit everything: If you’re married, it’s easy to assume that everything you own will end up with your spouse. However, there are a variety of factors that can change that, such as if you get divorced or you and your spouse pass on at the same time. Also, there may be specific assets you want to leave to others, such as your children or favorite charity.
When it comes to estate planning, it’s critical that you make decisions based on facts. Don’t let any of these myths throw you for a curve.
If you have any questions about these myths and how to overcome them, contact our office to learn more and schedule a consultation.