There are always going to be myths about estate planning because people like to talk about their own situations and what will happen to them. What’s important to remember is that not everyone is the same, and not all laws that apply to another person will apply to you. Someone could spread a myth accidentally by misinterpreting the reasoning behind certain arrangements, but that myth could potentially go on to adversely affect multiple people.
One of the most significant myths is that estate planning is only for wealthy individuals. That’s not true at all. In fact, everyone can benefit from estate planning. Your estate plan contains your will, guardianship documents for your children and other important information that must be accessible to others when you die.
Another myth is that estate planning is only about distributing your assets. That’s also not true. Estate planning takes care of you during life as well. If you are incapacitated, you want to know that you’ll be cared for, and that’s something you can address in your estate plan.
A final myth that can be extremely harmful is that you don’t need to review your estate plan after you’ve written it. It is a good idea to go back and check it over every few years. Not doing so could lead to problems later if laws change, you move or other major life events occur. Your attorney can give you their preferences for how often to review the plan, so that you know when you should check back in with them to revise this important legal document.