Akridge & Balch, P.C. | Attorneys at Law
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3 estate planning myths that need to end

On Behalf of | Feb 29, 2024 | Estate Planning

Despite how often people plan their estate, misconceptions about the process can make it less likely for people to understand the importance of the process. As a result, many people die without an estate plan, which can complicate matters for family members as they try to settle the decedent’s estate. Many of these myths come from people who don’t fully understand how the estate planning process works.

If you’ve recently considered making an estate plan or have been warned against it, then it can help to consider the truth about common estate planning myths. Here’s what you should know:

Myth 1: You can only make one estate plan

Truth: Many people only make one estate plan during their lifetime. This can happen because testators don’t realize they can make changes to their plan. An estate plan can be updated at any time for any reason. Many people alter their estate plans to add or remove beneficiaries or assets. 

Myth 2: Estate planning is only for older people

Truth: Many younger people think that estate planning is only something that should be done when they are older and have a larger estate or when their health is poor. However, it can help to make an estate plan at any age. For parents, an estate plan can be used to name a child guardian, for example. This child guardian can raise the testator’s child if the testator suddenly passes away. 

Myth 3: It’s better to hide your estate planning decisions 

Truth: Many people think that estate planning should be a process that no one is aware of. As a result, many family members and beneficiaries will not know what they stand to inherit until the testator passes away. However, it can help to talk about an estate plan early so that the testator knows what beneficiaries would want from the estate or so that beneficiaries have realistic expectations during the probate process.

As you draft your estate plan or make changes, it is beneficial to have legal guidance behind you.