Everyone has an estate that must be taken care of after their death. Everything from cars to life insurance must be wrapped up after a person’s death. No matter how big or small your estate is, a plan for that estate is needed.
Death is inevitable and planning for it can alleviate your family’s worries after your passing. However, many people believe that estate planning isn’t for them. Many myths branch from this belief.
The myths
- I’m too young
You may think that you have all the time in the world, but no matter how old you are, an estate plan is necessary when you have assets. An estate plan will allow you to have control over what happens to your estate after your passing. Whether you’re in your 20’s or 60’s, an estate plan can help you in case of an unfortunate passing.
- I don’t have enough assets
Even a person in their 20’s has assets. Owning property isn’t the only thing that counts as an asset. The money you have, the car you own and the family heirlooms that have been passed down to you count as assets. Not creating an estate plan means that you have no control over what happens to those assets after your death.
- Once it’s drawn up, it can never be changed
Many believe that you can’t adjust your estate plan once you’ve drawn it up. As your life changes, your estate plan will need to change as well. Fluctuations in income, assets and family dynamics occur as you age. By updating your estate plan after major milestones, you can be ready at any point in your life.
Estate planning is a process that is intimidating to a lot of people. Myths make that process more intimidating than they are. By pushing passed these myths, you can think clearly about the situation and plan for you and your family’s future.
