An estate plan can help you organize your last wishes in anticipation of your passing. You can plan out who should inherit your assets, who is responsible for settling your estate and what would happen to a child that’s under 18 years of age. Estate planning can be one of the most important things you do for yourself and others.
Unfortunately, the estate planning process can be complicated if you do not have legal guidance by your side. Drafting an estate plan and listening to information online could create problems for your family members. Here are a few estate planning myths to avoid:
Myth 1: It is too early to make an estate plan
Truth: Some people will say that you are too young to have an estate plan and that it is better to make one as you get older. However, adults can make estate plans at any time and should consider doing so even if they have a small estate. An estate plan can name a power of attorney who could be responsible for the testator’s health and finances if they become incapacitated. This is just one of the many reasons to make an estate plan early.
Myth 2: Your family members can manage your estate without a will
Truth: It is often repeated that a will is not necessary. A will is the main part of an estate plan. Dying without a will would mean that you died intestate, which would mean that the state would have to manage your estate. The state may not fully understand your final wishes and may not distribute assets accordingly.
Myth 3: You do not need help to make a will
Truth: It may be less expensive to make a will by hand or use a premade template online, but there are many dangers to doing so. A handmade will or a premade template may not account for state estate planning laws. This can lead to issues after you pass away.
It can help to seek legal guidance as you draft your estate to help ensure there are no issues.