Some Myths About Estate Planning
Estate planning is not a topic that many people want to think about but it's an important part of your life plan.
An estate plan is the best thing you can have to be sure that your family is taken care of and that the people you leave behind know your wishes.
People have many different reasons for delaying their estate planning, unfortunately, some of those reasons are just not true.
Let's take a look at some of the myths that people tell themselves to postpone or even avoid estate planning altogether.
Estate planning is just for the wealthy.
It does not matter how many valuables you have or how large your financial accounts are. At the end of it all, we want to make sure that the right people in our lives receive the items that we intend for them to receive.
My family will "do the right thing".
We would all like to think that our loved ones will follow our wishes after we die, but we all know that people can act differently when money is involved. Besides, how will they know what our exact wishes are if we don't write them down and share them with others?
Everything will go to my spouse anyway.
One would think that being married makes dividing your assets seem a bit easier. But, what if your spouse remarries after you die, or you both pass away at the same time? These types of situations come up often. Without an estate plan, these scenarios can lead to a lot of confusion with regard to your assets.
Estate Plans are set it and forget it, right?
If there are changes or additions to your assets, at the end of your life there will be some missing directions for the distribution of all of those assets. Any changes in beneficiaries, new financial accounts, a new lakehouse, should all be added to the estate plan as soon as possible.
I'm too young for an estate plan.
If you have any belongings or a checking account, that's enough for an estate plan. If you also have young children, you will want clear instructions for the care of those children should an unexpected event happen to you. These important decisions like custody, documented during a confusing and difficult time for your family will ease their stress significantly.
Nobody really knows when their time on earth is up. Make a plan, get it in writing, and communicate that plan to your loved ones. It's one of the best gifts you could ever give. Find more information on estate planning here.
Kevin Miller is ready to assist you in creating an estate plan so you are not caught off guard in an uncertain time. It is important that you make estate planning a priority regardless of your age or amount of assets. Kevin Miller has extensive experience in estate planning and will put your interests first. Contact us or call us at 405-443-5100 if you have questions. We are here to help.