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4 common estate planning misconceptions 

One of the difficulties of estate planning is being told misleading information. 

You may need to read this blog post to understand what estate planning facts you’ve been misinformed on. Here’s what you should know:

Myth 1: Estate planning is only for the rich

Truth: While an estate plan does benefit people with a large estate, estate planning can be for anyone. If you plan to have final wishes, then an estate plan could help administer your estate as you wish. Furthermore, an estate plan can help grieving loved ones know what to do next with your assets without questioning your wishes.

Myth 2: You can’t make an estate plan until you’re older

Truth: Estate plans may only benefit people as they get older, but you can make an estate plan at any age. You may need to make an estate plan early in life if you have children and wish to name a child guardian. Or, you could name a power of attorney to act on your behalf if you’re incapacitated. 

Myth 3: You don’t need to update your estate plan

Truth: Your first drafted estate plan may consider everything you have now, but you may need to update it to include assets you get in the future. Likewise, you may wish to alter your estate plan if you wish to name new heirs or want to remove heirs, for example, after a divorce. Many people update their estate plans every few years.

Myth 4: It’s better to draft your own will

Truth: You can draft your first will using programs online or getting a sheet of paper and a pen. But, good estate planning requires legal knowledge to get it right. If you’re ready to get your estate plans started, it’s wisest to explore your options with guidance. 

 

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