|Estate Planning law is a very nuanced field. For most people, diving in and gaining a firm grasp on the nuances is simply too academic, or even too boring. That’s why it’s so easy to come across commonly believed myths surrounding estate planning. As you consider beginning your estate planning, be sure to avoid these common myths to protect your legacy and your loved ones.
You Do Not Need an Estate Plan if You Make Your Wishes Known
If you communicate your wishes to a loved one, there is still no guarantee that they will be fulfilled after your passing. Even if you’ve chosen a trusted family member to execute your wishes, the only way to ensure your assets will be handled as you’ve planned is to outline your wishes in an estate plan.
Estate Planning is for Individuals with Large Wealth
A far too common belief in the world of estate planning is that it is only for the uber wealthy. Rather, individuals who have any type of property, assets and loved ones who depend on them should make an estate plan to help protect their interests and future needs.
I Already Completed My Estate Planning Years Ago
Estate planning isn’t something you just do one time and then never revisit. To remain valid and effective, documents such as trusts, wills, titling assets, jointly owned property, and beneficiary designations need to stay up to date as changes occur in life.
I Don’t Need the Help of a Professional
It is possible to develop an estate plan without the help of a professional, but there are a few reasons why you’ll want to ensure you have an ally working on your behalf throughout this process. A professional can help you minimize taxes on your property, keep your family from dealing with months of probate complications, and even present planning opportunities and ideas you may have not considered on your own.