Let’s face it, estate planning can be complicated. However, the myths that surround estate planning should not hold us back from estate planning, especially in our current economic climate. Indeed, every day, the news flashes reasons why we should have an estate plan in place now. And, this is why, in today’s blog we will focus on the three most common estate planning myths.
Too young to make an estate plan
Every adult (aged 18 or over) needs an estate plan, period. We never know when we will pass, and unfortunately, even young adults pass. And, we do not want our parents to have to deal with our estate, while dealing with the loss of their child. Luckily, as most young adults do not have many assets, a simple will is sufficient, which are usually extremely cheap, even if drafted by an attorney.
Only rich people need an estate plan
Of course, this brings us to wealth, but one’s wealth does not dictate whether one needs an estate plan. Again, if one is an adult, they need an estate plan, regardless of wealth. Remember, an estate plan is not just about one’s assets. It is also about how one wants to be treated if they are incapacitated and who can make medical decisions. It also dictates what happens to children and names who gets what. That favorite jacket may not be worth much, but it may mean the world to a family member, and a solid estate plan will make sure those types of items go to the right people.
Lawyers are not needed for an estate plan
The old adage of, “we don’t know what we don’t know” is key to estate planning. Everyone should consult with an attorney when drafting an estate plan, even if it is just having them check documents that are drafted from the internet. These types of documents generally cover the most common situations, but only an attorney can ensure that it fully covers what someone intends to cover. An attorney can also bring up things that one may have forgotten because again, “we don’t know what we don’t know.”
As any San Jose, California, resident can see, estate planning is so important, regardless of age and wealth. And, one should always contact an attorney before finalizing the estate plan.