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3 estate planning myths

On Behalf of | Apr 3, 2023 | Estate Planning

Estate planning is a legal process designed to distribute assets in anticipation of death. For instance, a will can help testators ensure their assets are securely in the hands of their loved ones.

However, there’s a lot of misinformation online about estate planning. To combat it, you should be aware of the following:

Myth 1: You don’t need an estate plan

Truth: If you pass away without an estate plan, the state will step in to handle your assets. People often perceive this in two ways: the state will take your assets; or, there’s no point in making a will. Neither of these beliefs is entirely correct.

First, the state would likely only acquire your assets if you die without any surviving heirs. Second, the state won’t likely distribute your assets how you wish. An estate plan can help curate exactly how you want your assets distributed. 

Myth 2: It’s better to create an estate plan when you’re older

Truth: While it’s true that many people benefit from an estate plan as they age, it’s also good to have one early in life. Many people should have a power of attorney. A power of attorney is a representative who acts on behalf of the testator if they’re incapacitated. They can also help with financial matters under the guidance of the testator. 

Furthermore, young adults who have children can name guardians in their estate plans. A guardian could help raise a child if the testator passes away.

Myth 3: It’s better to use online estate planning tools

Truth: You get what you pay for when making an estate plan. In other words, estate planning tools you find online may not be the most accurate. 

Are you considering making an estate plan? Then you may need to be aware of all the legal options at your disposal