5 estate planning myths

On Behalf of | Oct 13, 2020 | Wills |

Proper estate planning allows you to make personalized, informed decisions about your finances, health and other goals. You can look after yourself and your family, all while meeting your financial goals.

You can avoid mistakes and instead make informed decisions about your future by familiarizing yourself with myths about estate planning.

1. Everything will already go to my spouse.

Although the fact that your marriage does make asset division easier, you also need to think about what will happen if you do not have a will or trust. For example, if your spouse remarries, if you choose to leave money or property to your children or if you and your spouse die at the same time, you need estate planning documents to control the division of your assets in these situations.

2. My family will automatically honor my wishes.

Family relations are unpredictable so you never know how your relatives will behave after your death. Estate planning makes your intentions very clear and ensures that after your death, your family will follow your wishes.

3. My estate plan is set in stone.

Consider updating your estate plan after any major event in your life. This includes a birth of a child, death of a named beneficiary, a separation from your spouse, your remarriage or retirement.

You can keep your wishes for your estate up to date by changing your will, trust and other documents as life happens.

4. Estate planning is only for the wealthy.

When it comes to estate planning, your wealth is significant. No matter what valuables you own or how many assets you have, you can still have direct control over their distribution.

5. I do not need to plan my estate now.

You are never too young to begin thinking about estate planning. Since life is full of unpredictable events, developing a proper estate plan, no matter where you are in life, will give you and your family peace of mind.