Many Portland area residents have taken the time to create their estate plan. But there are still many who haven’t given estate planning a second thought. There are many reasons why an estate plan is important for almost everyone, regardless of age. And with so many people who need to still complete their estate plan it is important to address the myths that can surround estate planning.
There are many myths a person can have about estate planning. It is important for a person to understand that these ideas are not true and that an estate plan is an essential tool for almost everyone. The following are some of the more common estate planning myths:
My estate isn’t large
The size of an estate doesn’t matter when it comes to estate planning. Even with just a few assets it is important to indicate where they should go. In addition, an estate plan can address a person’s medical wishes, name a guardian for any minor children, and appoint a power of attorney for financial and health care decisions.
I have a will
A will is a great estate planning start. A will only covers probate property and there can be other property that is not addressed. Jointly held property, IRAs, 401Ks, life insurance all pass outside probate. A good estate planning plan would cover all assets and avoid probate.
I’m too young to create a plan
It is important for a person to be prepared for death at any age. Of course, a person in their 20s or 30s doesn’t think they are going to die but accidents and debilitating diseases can occur to anyone. Having a plan in place allows a person to dictate where their assets should go and if they have children, a guardian can be appointed as well.
Once created an estate plan doesn’t need to be revisited
It is actually very important for a person to periodically review their estate plan. Circumstances change over time and an estate plan may need to be updated. There can be deaths, marriages, divorces, new children, or a change in assets.
A legal professional who specializes in estate planning can help their client create an estate plan that makes sense for their family or update an existing plan. An attorney understands how important these plans are and can ensure their client’s plan is up-to-date and valid.