Some common estate planning myths may keep estate planners from the important estate planning process. It is helpful to understand these myths and the importance of estate planning for estate planners to enjoy piece of mind for them and their families.
Too young for estate planning
Unfortunately, this may not always be true and it is always a good idea to have a plan, especially for something as important as how family members will be cared for and where the estate planner’s property will go.
Estate planning is only for the wealthy
Estate planning is about more than property and assets such as concerns about incapacity and who will manage decisions for the estate planner if they are incapacitated, who will care for children if the estate planner is gone and what and how beneficiaries will inherit property and assets.
Estate planning can be complex and confusing and it is important to get it right which is why trained guidance through the process to ensure the estate plan is just right for the estate planner can be valuable.
No need to worry about probate
Many estate planners wish to avoid the probate process because it can be costly and lengthy. For that reason, it is helpful to understand all the estate planning tools that can help do that including having a trust as well as others such as jointly holding assets, among other options.
No need to worry about taxes
Sometimes estate planners undervalue their assets or wealth or think maybe having a trust will help them completely avoid estate taxes which may not always be true. It is helpful to have an estate plan that addresses the specific tax concerns of the estate planner.
Estate planning myths can stand in the way of estate planners getting solid advice that allows them to develop an estate plan that addresses their concerns and cares for their family when they cannot. Because estate planning is important at any age or circumstance, estate planners should understand the many benefits.