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.