Estate planning is a complex matter and it can only seem more daunting when misinformation is believed.
To help you as you make an estate plan, you may need to debunk some old myths. Here’s what you should know:
Myth 1: You must be over 50 years of age to make a will
Truth: It’s often thought that people should make their estate plans later in life after accumulating a large estate. But, there’s nothing stopping people from making an estate plan at an early age as long as they’re legally adults. It can even be helpful to make an estate plan and name a power of attorney if a testator doesn’t have a lot of wealth to their name.
Myth 2: You can only make one estate plan
Truth: Estate planning can be difficult and the belief that you can only make one may make the matter seem impossible. Testators should be aware that they can update their estate plans as they wish. This means new investments can be added or heirs could be removed, for example.
Myth 3: No one should know about your estate plans
Truth: One thing people may fear is that there will be legal issues if anyone knows about their estate plans. But, it may actually help your heirs to know what to expect after the testator passes away.
Myth 4: It’s better to use a premade estate planning template
Truth: While it’s true that an estate planning template you can find online will be a lot faster and cheaper, it likely won’t be worth the time and money spent. Premade estate planning templates can have a lot of issues. For starters, these estate plans could have typos that lead to legal battles. Or, the estate plans may not consider the unique laws of each state.
Are you struggling to make an estate plan? You may find it easier to make an estate plan after you learn your legal options.