Estate planning is not a subject that many people want to think about, but it’s crucial to plan ahead. Creating an estate plan not only protects your assets but also protects your loved ones. For such reasons, it is important to be aware of common myths and misconceptions when starting your estate plan.
Myth #1: Estate Planning Is Only for the Wealthy
Many people have the misconception that creating a will or trust is only for those with a large amount of wealth or assets. However, this is far from the truth. No matter how much money you have or how much property you own, estate planning can help you ensure that whatever you do own is left to the individuals of your choosing.
Myth #2: Estate Planning Is Only for Seniors
Another common myth is that only the elderly should concern themselves with estate planning. When in reality, estate planning is a process that people should start at an early age. Many young parents don’t know that a will can protect their children in the event that both parents pass away. Parents can even list ideal guardians for their children if something does happen to them.
Myth #3: You Should Do Estate Planning on Your Own
When an estate plan is done incorrectly, it will only waste your time and may cost your family money down the line. DIY estate planning is extremely dangerous because you would have no way of knowing if you made a mistake. For such reasons, it is vital that you have an experienced attorney on your side who can guide you through the process and ensure that you have a comprehensive estate plan that will protect your loved ones.
Myth #4: Estate Planning Is a One and Done Deal
Unfortunately, this is not the case. Estate plans need to be updated when you experience major life changes. For example, individuals need to update their estate planning when they move out of state, have a new child or grandchild, obtain more assets or accumulate more debt, etc.
Get the guidance you need by contacting our Madison estate planning attorneys today at (608) 292-5185 to schedule a consultation!