People have been planning their estates for centuries. Like many things that aren’t commonly known or taught, it’s very likely you’ve heard a myth or two about the estate planning process.
To ensure you’re making the right decisions when planning your estate, you should consider the following:
1. You don’t need an estate plan
If you don’t have an estate plan, then the state will take it upon itself to distribute your assets. While that might seem like the easiest thing to do instead of making an estate plan, it can create many problems. For starters, your family and friends may fight about what assets they’re owed if you don’t have a will. Likewise, your final wishes won’t be met if you don’t plainly and legally state how you want your estate handled.
2. Estate plans are for the elderly
While an estate plan is greatly beneficial for older people, there are several advantages to making an estate plan in your twenties or thirties. For starters, you could name a power of attorney to handle your personal matters on your behalf. Then, if you have children, you could name a guardian in the event that you suffer a tragic incident.
3. You only need to make one estate plan
It’s often important to update an estate plan over the years. It’s likely you’ll build up your estate and you may want to give beneficiaries more of your assets. Also, there could be changes in your life, such as marriage or divorce, that would lead you to change your estate plans.
4. You don’t need legal help
Many people believe that the easiest thing to do is to make an estate plan by hand or, better yet, find an estate template online. While these are possible options, they may not be legally sound. If you’re making an estate plan, you may want to reach out for legal help to ensure the verbiage of your estate plan is in order and that you’ve included every important detail.