There are several inaccurate beliefs by many people when it comes to estate planning, trusts. probate, etc. We hear many of those inaccuracies when we talk with clients.
Here are a few of the estate planning myths I hear often:
Myth 1: I Am Still Young, So I Do Not Need To Think About It
We are all aware of how uncertain and unpredictable life can be. Anyone can experience significant illness or another health issue at any given moment. There is always the risk of being involved in an automobile accident as you navigate life each day. We encourage you to take some time to create your Will and the other important estate planning documents so your family will not be faced with any extra burdens.
Myth 2: A Will Is All I Need
Many people have made the decision to get their Will online, but this creates a variety of other problems on its own. If you assume that the Will is valid in your state, the Will should at least cover the basics when someone dies. However, many people may not be able to take care of themselves for weeks, months, or years before they pass away. A full estate plan should include financial information, future wishes, medical powers of attorney, and a Will that will give someone the authority to make critical decisions in the event that something happens.
Myth 3: My Loved Ones Know What I Want
Many people think they will not have to leave a Will because they feel their loved ones are aware of their wishes and how they want their possessions to be distributed. Each of your loved ones will likely have their own view of what they want to happen to your possessions once you pass away. You can give everyone peace of mind and avoid arguments by making it clear what you want to happen to your money and your possessions after you die.
There are so many things that can go wrong when you are estate planning by yourself. Many of those pitfalls can arise after you have passed away. This is why we recommend reaching out to a lawyer to help you create your estate planning documents. If you want 2019 to be the year you get serious about estate planning, please do not hesitate to contact us today.