Estate Law Myths You Can Overcome (Part 1)
Estate Law Myths
According to the legal services site Rocket Lawyer, 64% of Americans do not even have a basic will. Often times, people do not know where to begin, so they simply do nothing. It’s nice to think that you can trust everyone to do the right thing; unfortunately, the truth is that if you do not have your wishes formalized, there may be a debate over what the “right thing” actually is. Believing that others don’t need your express directions may be one of the biggest estate law myths out there; simply “telling” all your family members what you would like does not mean that is what will actually happen. Leaving an estate plan with clear instructions for your medical and financial wishes is the best defense against family discord. Here is the first installment we have for you, all about the most common estate law myths preventing people from planning their future and beyond.
Myth #1 – “Assuming that estate plans are only for the wealthy”
Many people have fallen prey to believing the stereotype that estate planning is reserved for rich people. The truth is that estate planning is for anyone that wants to know what is going to happen to their end-of-life medical care, assets, children, and private affairs if they become incapacitated or die. So, basically, estate planning is for all of us, no matter our age or financial status.
Myth #2 – “My finances are too simple for an estate plan”
People assume that their financial or family situation is so straightforward that they don’t need to draft formal documents. The act of creating an estate plan does not make finances more complex. An estate plan can be as simple or as complex as you want to make it. If your finances are simple, you can still benefit from a simple estate plan. The unfortunate reality is that no one’s life is as simple as it seems and, even if it is, it is in your best interests to put protections in place to help ensure that your wishes are known and carried out properly.
These estate law myths are important to overcome so you leave a more harmonious and organized world behind you, but there could be other misconceptions or challenges holding you back, too. If you are unsure about where to start or how to get beyond what may be some estate law myths complicating your estate plan, contact our office today for a free consultation.