Estate plans are incredible tools for anyone. You don’t need a super high income nor a complex estate to develop a secure plan that ensures your family and friends receive the assets you had during your life.
However, most people don’t believe that estate plans are for them. Or they buy into other misconceptions that make them afraid to pursue the planning process.
Four myths and what to believe instead
Luckily, there are a few myths that you can blatantly ignore when you hear them again:
- “I have a spouse, so everything goes to them.” – Marriage is a crucial aspect of estate plans because a majority of your assets will go to a surviving partner. However, there is a strong likelihood you will want to give certain possessions to children, relatives or even a business partner if you have a small company.
- “I can make everyone in my family happy.” – Some people believe that their families will not fight over their estate. They may even believe that their approach will make everyone happy, but it’s never true. There will always be disputes over something in your estate. And a good estate plan can keep that dispute out of probate court and keep strain to a minimum.
- “I can make these plans on my own.” – While independence is admirable, it’s critical to know when to ask for help. You definitely do not want to approach your estate alone. You need a professional to help you set up the safest plan for you and your loved ones.
- “I don’t need to update my plan once it’s complete.” – Similar to life, your estate plan will evolve over time. You need to update whenever you have a change in income, assets or your relationships. You do not want people receiving the wrong assets because your will was outdated. Make sure to consult with an attorney to update it whenever necessary.
No one should be afraid to build the right plan for their interests. You can customize to fit your exact needs and suit your lifestyle at any point in your life. And it’s never too early to start planning.