Estate planning is arguably one of the most important things you can do before you pass away. Unfortunately, there are common myths that may prevent you from planning your estate early enough, or at all.
We are experts when it comes to estate planning and we have helped many of our clients ensure their affairs are in order. Keep reading as we investigate some of the myths surrounding estate planning.
Myth: a will alone is enough
According to Forbes, a common misconception is that a will is enough to leave behind. While a will does allow you to determine the distribution of your assets and name an executor for your estate, it does not cover all assets you may own. For example, retirement accounts and other payable-upon-death accounts lie outside of the capabilities of a will. Just because you designate beneficiaries in your will does not mean that those assets will transfer to them if the accounts are not up to date. This may result in someone receiving money that you do not intend them to.
Myth: estate planning is not important unless you have large assets
Many people view estate planning as something that is only important if you have large assets. This misconception can leave the people you love in a bad position when you pass. The truth is that there are many instances where planning your estate before you pass is beneficial to your loved ones. Not only can you protect people who depend on your income, but you can also mitigate tax exposure and name guardians for children. More information regarding this topic is available on our website.