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5 Common Estate Planning Myths Debunked: Who needs to estate plan and when

Updated: Apr 11, 2023

By: Portia M. Wood, Esq.

 

Estate planning is a crucial part of securing your family's future, yet many people fall victim to misconceptions surrounding the process. In this blog post, we'll debunk five common estate planning myths to help you better understand the importance of creating a comprehensive plan.



Myth 1:

Estate planning is only for the wealthy.


Reality:

Estate planning is essential for everyone, regardless of income or asset levels. If you are over the age of 18 or an emancipated minor, you need an estate plan. We just don't all need the same estate plan. A well-crafted plan helps ensure your assets are distributed according to your wishes, appoints guardians for minor children, and provides directives for your healthcare and financial decisions in case of incapacity.






 

Myth 2:

A will is enough.


Reality:

While a will is a vital component of an estate plan, it's not the only document needed. Trusts, powers of attorney, healthcare directives, and beneficiary designations on financial accounts are also crucial in creating a comprehensive estate plan. A will is a one way ticket to PROBATE COURT. Court is time consuming and expensive.



Myth 3:

Estate planning is only for the elderly.


Reality:

Life is unpredictable, and estate planning is essential at any age. Accidents, illness, or unexpected events can happen to anyone, so it's wise to have a plan in place to protect your assets and loved ones.



Myth 4:

I can create an estate plan myself.


Reality:

DIY estate planning can lead to costly mistakes, and the complexities of the law make it challenging to create a foolproof plan. Working with an experienced estate planning attorney ensures your plan is legally sound and tailored to your unique needs.



Myth 5:

Once my estate plan is created, I don't need to think about it again.


Reality:

Regularly reviewing and updating your estate plan is essential. Changes in family circumstances, financial situations, and tax laws can all impact your plan. It's recommended to review your estate plan every 3-5 years or after major life events such as marriage, divorce, or the birth of a child.


Estate planning is a vital aspect of securing your legacy and protecting your loved ones. Don't let common myths and misconceptions stand in the way of creating a comprehensive plan tailored to your needs. By working with an experienced estate planning attorney, you can ensure your plan is up-to-date and designed to achieve your goals.



If you have any questions or need guidance in creating an estate plan, the Wood Legal Group, LLP is here to help.


Sign up for our upcoming webinar and learn how to start securing your family's future.




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