Creating an estate plan is an important process that allows you to express your final wishes to your loved ones regarding your finances, assets and end-of-life care. Yet, many people either procrastinate or just don’t complete this task. Some may not want to think about their eventual passing. Others put it off because they’ve heard that estate planning can be confusing.
Another excuse for not completing an estate plan stems from the many myths people have heard about the process. Sadly, allowing these myths to deter you may result in expensive errors that affect the distribution of your assets and the well-being of your family.
Recognizing the myths that surround estate planning is important. Here are some of the more popular myths – and the truth.
Only the rich need estate plans
In fact, estate planning is not just for the wealthy. It is about helping ensure that your finances are taken care of if you become incapacitated, that your wishes regarding health care decisions will be carried out as desired and that your heirs will be taken care of when the time comes.
I’m too young to need an estate plan
While young and healthy people may feel invincible, they are not immune to life-altering incidents. Establishing a trust or will can aid in safeguarding the individuals in your life should the unthinkable happen.
My family will figure it out when I’m gone
An estate plan is necessary to help ensure the distribution of personal belongings, assets or sentimental items to the intended beneficiaries. It reduces friction and emotional pressure on your loved ones while they are grieving and helps avoid misunderstandings.
Yes, estate planning can be confusing at times, but don’t let that stop you from creating your plan. Instead, seek assistance with the process to help ensure that your final wishes are clear and will be executed properly.