3 Estate Planning Myths
When it comes to estate planning, there are a few popular beliefs that prevent many people from taking the plunge and creating the plans they need.
Let’s uncover some of these estate planning myths and talk through why they aren’t true!
Myth: I’m Too Young To Need an Estate Plan
After you turn 18, you are officially NOT too young to create an estate plan! Young people often assume that because they have not yet accumulated a grand amount of wealth or property, they should put off the estate planning process until they are older. However, this process is far more than just planning for the distribution of your assets.
A complete estate plan also helps protect your current assets and ensure they will continue to provide for you when you eventually retire. Not to mention, this process allows young parents to designate a guardian to care and provide for their children should an accident or other tragedy render them unable to do so themselves.
Last but certainly not least, it’s particularly important for women to be proactive in the estate planning process. The reality is that most women end up outliving their husbands and becoming their own and their family’s sole financial provider and decision-maker. Creating an estate plan and becoming familiar with the terms, accounts, and designations when you are young can help women mitigate the influx of new responsibilities should they unexpectedly become divorced or widowed down the road.
Myth: My Estate Is Small, So I Don’t Need an Estate Plan
Let’s make one thing clear: the current value of your assets does NOT determine whether or not you need an estate plan!
Of course, as you amass more assets throughout your life, the need for an estate plan intensifies. However, every person, regardless of income level or life stage, can benefit from all of the protections estate plans offer.
Myth: I Should Keep My Estate Planning Designations Private
The last thing you want is for your child, sibling, or other loved one to be surprised and overwhelmed with the news that you have named them as an Executor, Administrator, Guardian, etc. after you pass away. Emotions will likely already be high as they grieve losing you, and learning of their new role and responsibilities without a heads-up could potentially push them over the edge.
Not only that, but what if they realize they are not the right fit for the role you have assigned them based on lack of knowledge in the respective subject matter, time constraints, emotional capacity, etc.?
Last but not least, the best way to prevent a future rivalry among your heirs is by communicating your intentions for your assets and property ahead of time. Clearly communicate your wishes so there is no room for misunderstanding.
Estate Planning with Lefkoff-Duncan
Are you ready to create or update your estate plan? Lefkoff-Duncan is here to help.
Our experienced team will assist you in all of your estate planning endeavors so that you’ll never again need to wonder if you’ve done enough to take care of the ones you love. Give us a call at your convenience at 404-262-2000 to get started.