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What are some misconceptions about estate planning?

On Behalf of | Mar 2, 2020 | Estate Planning

Nobody really likes to think about estate planning because it does involve thinking about a time when you are no longer alive. However, the fact is that everybody dies at some point. The difference between those who die with an estate plan and those who die without one is the hassle their family has to go through after their death. So, you could say that planning your estate is what you do for those you love, not something you do for yourself. 

With that in mind, there are still some things that you may think about estate planning that are incorrect. For example, Forbes explains that many people think that they do not need an estate plan if they do not have a lot of money or property. The trouble with this is that estate plans are not just about monetary goods. If you have minor children, then you need a plan to name a guardian for them. Even if you own a home, you need a plan to manage that as well. 

Another common thought is that you might think creating a will or an estate plan is tempting fate if you do it when you are young. This is just superstition really. Creating a plan is a good idea, especially when you are young. Death can happen anytime, so it is better to prepare for it than for it to come and you to not have a plan in place. 

Even if you do have an estate plan, you may think you are ready to go. This is another misconception. Estate plans are not something you create and then forget about. You need to update them often. Update whenever you have changes in your life, such as having a new child or getting a divorce. You also need to revisit them regularly even if there are no major changes in your life to update things according to changes in the law or other situations.