Many people have their own thoughts and ideas regarding estate planning and the importance of planning. It’s important to make sure that you understand the truths associated with estate planning so that you can properly prepare for the future. Take a look at some common estate planning myths below to learn more about estate planning misconceptions. If you have any questions, or if you’d like to begin your estate planning, meet with an estate planning attorney.
I’m too young to plan. No one is too young to create an estate plan. Everyone age 18 or older should have a plan in place. If you continue to put off your planning for a later date, you may not be prepared for life’s unexpected events. Don’t think that you’re too young or too poor to do planning.
Once I plan, I am set for life. Estate planning is not something that should only be done once. As you go through life, your needs will change. It’s important to regularly review your estate plan with your attorney so that you can make sure that it still meets your individual needs and goals. When you come in for an update, your estate planning attorney will be able to notify you of law changes that may effect your planning.
I should do my own planning to save money. While it is legal to do your own planning; in practicality, doing your own planning can have costly effects. It is in your best interests to work with an estate planning attorney so that your plan is legal and error-free. Additionally, an attorney will be able to look at your individual needs and create a customized plan that works best for you. Don’t try to do your own planning in order to save some money.
Don’t make your own estate planning assumptions. Instead, make sure that you’re properly informed about your needs as well as the estate planning process. If you’re ready to begin your estate planning, consult with a qualified estate planning attorney.