When you’re considering estate planning, it’s best to start by thinking about what you want to accomplish and what you need to do to get there. You focus on the positive steps that you need to take and the things that you’re supposed to do.
But it’s also important to take some time to consider the myths surrounding estate planning, which could lead to mistakes or misconceptions that harm your plan. Let’s break down a few of those myths so that you know what to avoid.
Everyone has an estate plan
Unfortunately, one of the biggest problems in estate planning is that most people don’t have a plan at all. Don’t assume that everyone does and that you can just take care of it at some point. A lot of people don’t have plans and it causes serious complications for their families when they pass away without making one.
Estate planning is just for the elderly
People have this idea in their mind that those who are doing estate planning are elderly grandparents who maybe have a few years left to live. They often put it off because they don’t think of themselves as being at that stage in life. But the truth is that you’re far better off to do your estate planning early, and there are plenty of reasons that young people need to have estate plans.
All that matters is the money
Money is an important part of estate planning, but don’t assume that you have to be rich to do it, and don’t assume that money is the only thing you need to focus on. A lot of estate disputes start because of sentimental items, for instance, and these may have absolutely no value outside of the family. Moreover, you need to consider the non-financial side of your estate plan, such as setting up a medical power of attorney so that someone can make your medical decisions for you.
Do you need to make a plan?
These are just a few of the most common myths, but they help to show you some of the flaws in the ways that people think about estate planning. If you need to make your plan, you definitely want to take the time to really dig into the steps you do need to take.