Through estate planning, you can protect your legacy and provide for your family and close loved ones—even after death. It’s much too important to get wrong, so before you begin your estate planning efforts, it’s important to dispel a few common rumors.
Estate Planning Myths & Misconceptions
“Estate planning is only for the wealthy.”
The truth is, estate planning allows you to determine who will become the guardian of your minor children should you die unexpectedly. It helps you lay out your wishes for end-of-life care, should you become incapacitated. And even if the assets you leave behind are relatively small, estate planning (including both a will and a trust) ensure that they go to the right beneficiaries, without being tied up in probate court. All of these things are relevant across the board, no matter how affluent you are.
“I don’t have kids, so I don’t really need an estate plan.”
Again, estate planning benefits everyone—not just beneficiaries. If you’d like some say in what happens to you should you become medically incapacitated, estate planning is how you get it.
“Once I put funds into a living trust, I can’t touch them anymore.”
The operative word here is living; even when you’re still alive, you can access or use the funds in a living trust, just so long as you’ve set it up properly. The money is by no means off-limits.
“So long as I have a will, my estate will avoid probate court.”
This is not necessarily the case—and in fact, you will generally need a trust, in addition to a will, if you want to avoid probate.
“Estate planning is complicated.”
With the right guidance, it’s possible to create and design an estate plan that upholds all your wishes—without feeling overwhelmed by it. Take the first step today: Contact our estate planning attorneys at Singh Law Firm.