Dangerous Estate Planning Myths

For most people, the laws and procedures surrounding estate planning are something far too academic and, quite frankly, boring to pay much attention to. However, it’s common to come across popular notions or widely held myths about some estate planning issues in our day-to-day lives. Though many of these myths are harmless and sometimes fun, there are a couple that can be damaging to you and your legacy.

Damaging Myth 1: I don’t need to create an estate plan because I’m not wealthy/old/sick.

Reality. Of all the estate planning myths, this one is the the most damaging. Every adult aged 18 and over can benefit from some estate planning efforts. Even if you don’t have a lot of property, you will want to have an estate plan in the event you get sick or die prematurely. If you have children, your need for an estate plan is even greater as only an estate plan can allow you to take specific steps, such as naming a replacement guardian.

Dangerous Myth 2: All I need is a will.

Reality: Though a will is a key part of every estate plan, is usually not enough. There are some questions that a will cannot answer, such as the kinds of medical care you want to receive if you suffer from a disease that prevents you from expressing yourself. To get a better idea of what a complete estate plan entails, you should speak to an estate planning lawyer as soon as you can.

Author Bio

Catherine Hammond is the CEO and founder of Hammond Law Group, a Colorado-based estate planning law firm she founded in 2005. With a strong focus on protecting families from the legal consequences of disability and death, she creates comprehensive estate plans that minimize taxes, costs, and government interference.

A native of Denver, Catherine completed her undergraduate studies at Coe College in Iowa, and her Juris Doctorate from the University of Denver College of Law in 1993, concentrating on estate planning, tax, and mediation. Catherine is a member of various professional organizations, including WealthCounsel, ElderCounsel, the National Academy of Elder Law Attorneys, the Colorado Springs Estate Planning Council, and the Purposeful Planning Institute. Beyond her legal expertise, Catherine provides transformational coaching to support clients and their families through life transitions.

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