Estate planning is essential, yet many people don't start estate planning until they're older. Some never do. Many people believe that they don't need estate plans because they don't have significant assets. Others just put it off until it's too late.
Estate planning isn't always on people's minds. They have a lot going on in life, from taking care of newborns to hanging out with friends and colleagues after work. Estate planning is typically on the back of everyone's minds, but it's not something they focus on, because it doesn't seem important right now.
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.
Estate plans are essential for all Americans, whether you have many assets to protect or not. Estate plans contain a number of important pieces of information that your loved ones need as they deal with your estate following your death or during your disability.