3 Common Estate Planning Myths
Jan. 11, 2022
You may not think about it often, but estate planning is an important and necessary process. If you fail to plan for your future and that of your children, then there will be consequences that could affect all aspects of your life.
The following article discusses 3 common myths many parents believe about estate planning. Read on to learn ways to dispel these myths so that you can ensure your loved ones are protected.
Myth 1: Only the Rich Need to Worry About an Estate Plan
The truth is that parents of all financial backgrounds need to have an estate plan in place. Even parents who are lucky enough not to worry about money issues should still protect their children, just as they would with car insurance or homeowners' coverage.
Not only should you consider who will raise your children if something happens to you and your spouse, but you’ll need to think about who will manage any assets you leave behind until your children reach adulthood. Regardless of how much money you have in the bank, an estate plan can ensure your children are cared for in the way you want, by the people you want.
Myth 2: Estate Plans Are For the Elderly
While it is true that many seniors choose to update their estate plans as they age, this isn't a requirement. In fact, parents of any age can benefit from having an up-to-date plan. Young parents should especially consider creating a will and other planning documents while they are still able to make decisions for themselves.
Myth 3: Everything Will Go to My Spouse if I Die
This isn't always the case. If you die without a will, your assets could be distributed in a way that you never intended. This is why it's so important to have an estate plan in place - because it ensures that your wishes are carried out after your death.
My Office Can Help You Avoid Common Estate Planning Mistakes
Estate plans are all about protecting your loved ones in the event something happens to you. As I mentioned previously, you don’t need to be wealthy or elderly to think about your estate.
If you’d like to learn more about the estate planning steps you should take at your life stage, contact my office for a free strategy session. We’ll get clear on your goals and help you protect your loved ones.
Parenting Tip of the Week
Ensure Your Children Have a Bright Future. There are many things you can do today to set your children up for a great future. One of the most important is to make sure they have a solid financial foundation. One way to do this is by opening up a savings account for your children and contributing to it on a regular basis. You can also start teaching them about money and how to save at an early age. This will help them become responsible adults who are able to take care of themselves