Myths about estate planning can influence many people to leave matters unsettled. As a result, family members and friends are often left trying to straighten out a loved one's financial matters. To help you understand the importance of estate planning, here are some myths and realities about them.
Estate Planning Is Only for Rich People
Many people believe that only rich people need to worry about estate planning. But this is far from the truth. Estate planning is more than doling out your assets to family and friends. It is also about deciding what happens to you if you are unable to physically and mentally make decisions about your life. You also have the opportunity to decide what happens to your children if you are unable to care for them yourself.
Without estate planning tools, such as a will and health care directive, in place, you could be left at the mercy of an indecisive relative or the courts.
You Don't Need a Lawyer for Estate Planning
Although there are many aspects of estate planning that you can do without the help of a lawyer, there are some that require legal assistance. For instance, there are very specific laws that govern how a will is created. Unless you are familiar with those laws, you could be leaving the door open for a disgruntled family member who wants to challenge whether or not your will is valid.
At the least, the lawyer could help you create a valid will. He or she can even help you avoid probate by setting up living trusts. The lawyer could also handle aspects that aren't thought of as much, such as deciding what happens with your digital legacy.
Estate Planning Is Only for Older People
If you are in your 20s or 30s, the thought of estate planning might seem like a foreign concept. Unfortunately, there are many others who felt the same way and relatives were left to try and figure out their finances.
Regardless of your age, start estate planning now. This will also help you lay the framework for future planning. As you have children, get married, and have other major changes to your life, you can basically update the plan you have in place.
The best way to dispel any other notions you have about estate planning is to consult with an experienced wills lawyer. The lawyer can not only help you with understanding the importance of estate planning, but also get you started on your own plans.
Share27 May 2015
