Estate planning is something not many individuals want to do or even think about. However, it’s vital to your overall life plan because it would guarantee that your family would be cared for when you pass away. It’s equally crucial to know that there are tons of myths surrounding estate planning and that if you believe in them, your family would be the ones to suffer.
Estate Planning Myth #1 – “I don’t really need an estate plan because I’m not that rich.”
While you might not be a billionaire or even millionaire-rich, you probably have assets you’ve accumulated over the years. That would need an estate plan to instruct how they would be managed when you pass, explains estate planning advisors in Utah.
Estate Planning Myth #2 – “I know that my loved ones would do the right thing.”
Although hoping is great and all, it’s better to put your hopes in paper to avoid potential issues between family members. This would ensure that all your hopes and wishes would be realized accordingly.
Estate Planning Myth #3 – “My spouse would automatically inherit my estate.”
Laws vary significantly from one state to another. Generally, if you die interstate or without a will, your estate would have to go through probate court. This determines how your assets would be allocated based on state laws. While your spouse would probably inherit your estate, this isn’t really a guarantee.
Estate Planning Myth #4 – “It would cost me a ton of money to create an estate plan.”
Although this might be true if you have what lawyers consider a “complicated or sizeable estate,” most people’s estate plan would just consist of some key documents, including different powers of attorney, a last will and testament, living will, and a revocable living trust.
Having an estate plan in place is one of the best things you could do while you’re still alive. This is to make sure that your loved ones would know about your wishes and be cared for even when you’re gone. Stop believing these estate planning myths and start planning for your estate now.