What myths should I not believe about estate planning?

What myths should I not believe about estate planning?

| Mar 21, 2020 | Estate Planning, Wills

Estate planning is not something that people really enjoy. After all, it is planning for your own death. However, it is an important process. By believing myths or allowing half-truths to keep you from planning your estate, you are only setting your family up for a rougher time after your death. They will already have to deal with losing you. You do not want them to also have frustrations trying to settle your estate. 

Forbes explains there are many things that people will believe about estate planning that are not true yet keep them from working on their estate plan. It is important that you learn about these myths now so that you do not fall victim to believing them. 

My will can handle everything 

You may need more than a will. Believing that a will is enough could be a bad mistake. While a will does offer a lot of help to your loved ones after your death. You should keep in mind that your estate plan can also be beneficial if you become unable to state your own wishes. You can include in it forms and legal documents that allow another person to make decisions for you. You can also use your plan to create a trust, which will give you more control over the distribution of your assets. 

Only rich people need one 

If you think that only people who are well off need an estate plan, then you are wrong. Everyone can benefit from a plan. You can use it to create arrangements for minor children and leave behind directions on how to handle your funeral. You can ensure that your assets go to the right person as well. Even if you do not have a lot of assets, you can still use an estate plan to ensure everything goes smoothly for your family.