Estate planning isn’t the easiest thing to talk or think about. No one wants to have to view their own mortality through the lens of their possessions, but it is something that we should all do in order to make the transition of our estates simpler for those grieving when the time comes.
There are many myths in place when it comes to estate planning. These are myths that can cause problems if people believe in them and don’t have the right mentors in place to help guide us through the process and avoid the sea of misinformation.
Here are three estate planning myths to avoid:
I’m not old enough
It is easy to not consider an estate plan until you are in your 50s and 60s. By this point you may have plenty of assets and plenty of reasons to want those assets to go in the right direction should anything happen to you. It is true, though, that accidents can happen to anyone at any time. The ability to dictate where your assets go – and specifically to give a plan for young children to prosper when the unthinkable happens – means that estate planning needs to happen much earlier in life than most people think.
I don’t have enough stuff
While directing your assets – any assets – is an important part of your estate plan, it is far from the only area that such a plan encompasses. A top-notch estate plan should also include a health care proxy, naming someone you trust to make your medical decisions, and a power of attorney, naming someone that you can trust and rely on to make your financial decisions, should you find yourself unable to do so. Even someone with just a small estate footprint could use an estate plan to appoint these vital mentors to make the right decisions for you and your family in a time of need.
I can do it myself online
Online will services are a way to save money and put some kind of plan in place. However, the simple fact that you really don’t know how much additional money it will cost you, or your family, when using online documents that may not stand up for anything in the grand scheme of things can be a great risk. Your instructions for your assets, your children, and your own health, may not be legally binding or as well thought out as you would like if you didn’t get an estate planner or an estate planning attorney to help you project what needs to be taken care of.
Do-It-Yourself home projects fail all the time, don’t let that happen here and burden your family for the sake of a few bucks!
Article by Vital Guidance