3 Common Estate Planning Myths

People often put off estate planning. It seems to be something people don’t think about until it is too late. Part of the reason for that is due to the myths about estate planning. Below are three of the most common estate planning myths.

Estate planning is just for the wealthy.  The wealthy can certainly benefit from estate planning. However, they are not the only people that can benefit from planning their estate. Anyone with assets can benefit from estate planning. Planning your estate maximizes the amount of money left to loved ones and prevents them having to hire a probate attorney. Here is a small example of the some of the people who would benefit from estate planning:

• People who are on their second marriage and people who are divorced
• Business Owners
• People who own properties in more than one state
• People who have disabled family members
• People who have children that are minors
• People who don't have any children
• People who want to give some of their assets to charities

I am young; estate planning isn’t something I need to worry about.  You are never too young to plan your estate. Tomorrow is not promised regardless of your age. You don’t want to leave loved ones with debt because you believed you were too young for estate planning.

I don’t need an attorney to plan my estate. It is true you can find some great information online. However, hiring an estate planning attorney minimizes the chances for unexpected expenses. Even if you use an online service to draft your documents, having an estate planning attorney review the documents is a good idea.

Don’t be one of the people who avoids estate planning. If you need help contact us today.