Many people think that just because they don’t have all that much, there really isn’t a need to make an estate plan. But this is a common myth and one of many that convince people to avoid estate planning at all.
It’s natural to want to put off planning for your passing. The subject is uncomfortable, and the process is confusing. That said, if you educate yourself about what’s real and what isn’t, you can move forward with confidence. Here are a few common myths out there about the process:
Why have an estate plan when I’ve told my family my wishes?
If the only guide for your family is a few words from you in a conversation years ago, that leads to a situation ripe with confusion. That confusion can lead to the most bitter of family fights. The worst part of a family fight over a lost loved one’s affairs is that, mostly, people are just trying to do what their loved one wanted. They just don’t know the right way.
Estate plans are for wealthy, older people.
The truth is an estate plan isn’t only for people with assets who are looking to protect them. It’s for people who want to make sure their family is cared for in case of the worst. Each estate plan contains more than only a will. A thorough plan also includes health care directives and other documents crafted to provide the people you love with what they most deserve: a way forward.
I can do it myself.
While there are forms for DIY estate planning, that does not mean that an estate plan should be done without help. Attorneys who are well-versed in Wisconsin’s estate planning and probate law, can guide you through the process and help you secure your estate.
Myths and misconceptions are financially ruinous. It doesn’t matter if a piece of information “seems” right. Getting your estate plan correct takes experience and careful consideration. You can’t afford to think you’re right about your estate plan. You need to be right.