3 estate planning myths it’s time to debunk

On Behalf of | Apr 27, 2022 | Estate Planning

Estate planning is something that some people try to avoid. After all, it can be upsetting to think about serious injuries or death.

It is important for you to consider creating an estate plan, though. Even if you think one is unnecessary, you may be surprised to find out how protective it can be. The myths that surround estate plans are sometimes harmful, because people don’t realize that they are an excellent option for protecting themselves in an emergency or passing on their assets in a way that prevents conflict.

3 estate planning myths

  1. I’m too young for an estate plan

Once you reach adulthood, it’s time to start thinking about planning your estate plan. After you turn 18, you have to make your own financial and health care decisions. In an emergency, who can do those things for you? Your parents no longer have a right to get information about your medical care or treatment unless you grant them that right. Nor would a guardian.

To take care of that problem, it’s valuable to add powers of attorney to your estate plan. Then, in an emergency, someone will have the right to make decisions on your behalf when you cannot.

  1. Estate plans are too expensive

Estate plans can become expensive, but since you can work on your estate plan over time, you can spread out the cost. In reality, not having an estate plan can be costlier if you get hurt or pass away, since you’ll need to involve a court in your case. To avoid litigation and conflicts that can be time-intensive and costly, an estate plan is an excellent option.

  1. Only the wealthy need estate plans

While those with many assets may like estate plans for the protections they offer, those without a lot of money can benefit from them, too. Estate planning involves many legal documents that go beyond just taking care of your assets and passing them on. Your estate plan can also include guardianship designations for your children in case you pass away. It can include trusts. It can also include a health care or financial power of attorney, which helps protect you if you are incapacitated during your lifetime.

There are many myths about estate planning out there, but these are three that need to be debunked. An estate plan can be protective and offer you the peace of mind of knowing that you and your family will be taken care of if you are incapacitated or pass away.