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Debunking The Top 7 Estate Planning Myths

Posted by Shoup Legal
11 months ago / July 6, 2023

Debunking The Top 7 Estate Planning Myths – Do you feel overwhelmed when considering your options for estate planning? You’re not alone. Many people don’t understand how estate plans work, which can cause a lot of confusion and misunderstanding about this process. Today we are breaking down the most common myths about estate planning to help clear up some of this confusion.Debunking The Top 7 Estate Planning Myths

  1. I’m Not Old Enough: Don’t assume that estate planning is only for the older generations. You never know when a will or estate plan is necessary, so it’s better to prepare at an early age in case anything happens unexpectedly.
  2. I’m Not Rich Enough: Estate planning is for people in all income brackets, not only for the rich. Regardless of the size of your estate, this plan helps to ensure everything will be taken care of should you become incapacitated or pass away unexpectedly.
  3. I Don’t Need a Lawyer: While there are options for DIY estate planning online, it doesn’t compare to the personalized touch you get from a lawyer. It’s a good idea to at least run the plan by a lawyer to ensure everything is covered in your estate plan.
  4. Having a Will Avoids Probate: A will can be part of your estate plan. But just because you have a will, doesn’t mean that you can avoid probate. Instead, the right paperwork and documentation helps to simplify this process. To completely avoid probate, you will need to setup a trust as part of your plan.
  5. Everything Goes to the State Without an Estate Plan: Not having an estate plan in place doesn’t mean that everything will go to the state. Instead, it means that the state will determine how your inheritance will be distributed. Some funds of course will go to the state as part of their fees.
  6. My Spouse Will Take Care of Everything: Even if you have a spouse who can act as your power of attorney, it’s still important to have a will and estate plan in place. You never know if something might happen to both of you at the same time.
  7. A Trust Can Avoid Estate Tax: You can’t avoid estate taxes completely. But certain types of trusts can be included in your estate plan to help with reducing (or possibly eliminating) liability for estate taxes.

 

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