No one likes to think about their death, but estate planning is a necessary part of adulthood. If you're considering making an estate plan and putting it into place, you probably have a few inaccuracies floating around in your head. Below are three common estate planning myths and the truths behind them.
Myth #1: Estate Planning Is Only for the Rich
While the wealthy may have more assets to distribute upon their death, that does not in any way diminish your need to distribute yours.
No matter the amount of assets you currently hold, an estate plan ensures that your loved ones are cared for in the way you'd like and it can help them to avoid unnecessary trouble upon your death. An estate plan, written up with the help of an estate planning attorney, will make your wishes clear and make the process of distribution much easier on your loved ones.
Myth #2: If I'm Married, Estate Planning Is Unnecessary
While it's true that most jointly-owned assets will pass automatically to the surviving spouse, that isn't always the case.
There are many circumstances that make estate planning necessary, even if you're married. If your spouse dies at the same time, who will your assets be passed along to? What if your surviving spouse remarries and goes on to have more children? Estate planning can ensure that your loved ones are cared for, regardless of your marital status. Many complicated situations can be avoided altogether with the proper plan in place.
Myth #3: The Creation of an Estate Plan Is a One-Time Deal
Your life can change in the blink of an eye, which is why it's vital that you reevaluate your estate plan regularly.
Having an estate plan in place is great, but it's important that you reevaluate your plan annually to be sure nothing has changed in the past year. Divorce, marriage, birth, and death can have significant impacts on your estate plan. Failing to update your estate plan is almost as silly as not having one in place at all. When speaking with your estate planning attorney, ask them what life events would impact your plan and when you should have it updated.
Make your death easier on your loved ones by putting an estate plan into place. An estate plan is a great way to ensure that your assets are distributed as you'd like and that your loved ones are cared for as you see fit. For more information, contact an estate planning attorney today, such as one from Wright & Wayment, PLLC, and set up a consultation.