What are Common Estate Planning Myths?

It can be daunting to consider the idea of creating an estate plan for yourself. This is often due to not only a fear of death but the many misconceptions that surround it. However, establishing an estate plan for yourself is one of the most important things you can do in your life. This is because it provides you with a plan for the future of your assets and health. To learn more about the most common estate planning myths and the realities behind them, continue reading below.

A Will Oversees All of My Asset Distribution

With a will, you can determine how you want your assets distributed after your death. This document can include anything from family heirlooms to real estate. However, there are limitations to this. The will does not dictate distribution of  any joint accounts with rights of survivorship or accounts with beneficiaries attached, since these are non-probate assets. 

I’m Done Once My Assets Are In Order

An estate plan also allows a person to prepare for their health in the future. This may be needed if you become incapacitated at any point in your life in cannot take care of yourself. A plan can include outlining the medical treatment you would want or appointing a healthcare proxy to make the decisions for you.  It may also provide for the handling of your financial matters, such as paying bills, filing taxes and other financial planning if you are unable to do so either temporarily or permanently.

I Can Make an Estate Plan When I’m Older

An estate plan does not only have to be made when you are older. It should be made at any point you begin to acquire assets in your life. This is because life is unpredictable and it is better to be prepared than not.

I Cannot Change an Estate Plan Once I Make It

Life changes over time, as does the information an estate plan contains. Any changes in finances or family situation should be reflected. This can include an increase or loss of income in addition to additions or losses in your family. Estate plans should be reviewed either after a significant life event or every three to five years. 

It’s Too Complicated

Making an estate plan can seem like a complicated and lengthy process. Instead of avoiding it, an experienced attorney can help to organize your assets and meet your goals so there is no future confusion when it is time to administer the plan.

Estate Planning is For the Wealthy

It is important for anyone to have an estate plan, not just those with a large wealth. Often times, people do not realize how many assets they have. This can include a home, household possessions, family businesses, vehicles, retirement or savings accounts, investments, and more. There should be a plan in place for all these assets in the future.

Contact our Firm

The planning and administration of an estate requires experienced legal guidance. If you need an effective attorney to assist you with matters of wills, trusts, and estates, or the taxes associated with them, contact Margaret M. Mahon, Esq. LLC today to schedule a consultation.