Unfortunately, there are many myths surrounding estate planning that often can prevent people from getting involved in the process or updating their existing plans. From assuming that a will is all you need, to thinking that estate plans are only for the wealthy – there are numerous misunderstandings regarding the importance of the planning process. This article lends some clarity and debunks some of the confusion surrounding estate planning.
You may think that you aren’t wealthy enough to create an estate plan for your assets, but that is simply not true. If you own any type of property or assets or are depended upon financially or physically by loved ones, you should have an estate plan regardless. A good, thorough estate plan – not just a will – can help protect the ones you love in more ways than one.
A will is a great start to any estate plan, but it simply doesn’t cover everything. It’s important to work with an estate attorney to discuss other legal documents that protect the rest of your assets not covered by a will. These include a power of attorney, a living will, and a trust.
Another misconception regarding estate plans is that you never need to revisit or make any updates. Any time you experience a change that impacts your life – marriage, divorce, new child or grandchild – your estate plan needs to be updated. It’s crucially important to periodically review and update your documents and beneficiaries.
Above all, communication is key in planning your estate. Make sure your loved ones or a trusted individual knows where your legal documents are located, where your banking accounts are held, and important passwords. This is all important information that can help ease those affected in the event of your death.
If you’re ready to get your estate plan in order or have questions regarding your current plan, call Rhodes Law Firm today!