Unfortunately, estate planning is an area of the law that is often plagued by myths. You’ll find you will many people repeat these myths if you ask them about their plan or if you find out that they simply haven’t made an estate plan.
To help you avoid the same result, let’s take a look at some of the more common myths to be wary of.
You’re still too young
You may feel like you’re too young for estate planning, but you’re not. All adults need to have an estate plan because they never know what the future is going to hold.
You don’t have enough money
Estate planning is very valuable to the wealthy, but it’s not just for the higher social classes. Even those with far fewer assets can benefit from having an estate plan. Remember that estate planning addresses things like medical decisions and the payment of taxes, so it’s not just about passing on investments or bank accounts.
You can do it all yourself
Doing your estate planning on your own creates significant risks. You may not be familiar with some of the different tools that you can use. You may overlook key steps. You may improperly draft the estate plan and think that you have everything in place when none of it has been done properly, and it wouldn’t hold up to a dispute or a court case.
These are just a few of the myths that you often hear people repeat, and they help to show you why it’s so important to understand your legal rights and all of the options at your disposal.
