Debunking Common Myths About Estate Planning—Part I

Estate planning is a complex process that can be intimidating to many. The complexity of the process, combined with the abundance of myths and misinformation floating around, can make it difficult for individuals to properly plan their estate. Let’s look at some common misconceptions about estate planning in order to dispel any confusion that may be surrounding this important topic.

Myth #1: I Don’t Have Enough Money to Need Estate Planning

This is one of the most pervasive and damaging myths about estate planning. Every adult needs an estate plan, regardless of their income level or amount of assets. Even if you don’t have a lot of money or possessions, estate planning still allows you to specify who will receive your assets when you pass away, as well as how your care should be managed if you become incapacitated. Not having an estate plan in place leaves these decisions in the hands of others (e.g., the courts), which could mean that your wishes are not respected.

Myth #2: Estate Planning Is Only for The Wealthy

While wealthy individuals often need more complex plans due to their large asset base and involvement in multiple businesses, everyone should have at least some sort of basic plan in place. In addition to ensuring that your wishes are respected after you pass away, there may also be tax benefits associated with setting up an estate plan depending on what type you choose. It’s important to discuss all options with an experienced attorney before deciding on the best plan for you and your family.

Myth #3: Estate Planning Is Too Expensive

The cost associated with creating an estate plan depends on several factors including the complexity of the plan and whether or not it involves legal services such as drafting documents or filing paperwork with courts or government agencies. Many individuals find that it’s worth investing in an attorney who practices in this type of law since they can provide valuable advice and expertise throughout the entire process. Additionally, having properly drafted documents ensures accuracy and helps ensure that your wishes are followed when necessary.

Conclusion

Making sure your affairs are in order after you pass away is essential for ensuring that your wishes are respected and carried out according to your desires. While it can feel overwhelming to try and create an effective estate plan on your own due to all the myths surrounding it, working with an experienced attorney can help ease much of the stress associated with this process while ensuring accuracy along every step of the way. Remember—everyone needs some form of basic estate planning regardless of their financial situation.

Contact Provident Legal Counsel today to discuss your case and legal options. Schedule a Consultation or call (214) 432-6100.