Estate Planning Myths

Many people have wrong ideas about estate planning. Sometimes these ideas keep them from taking the proper steps to protect their families and assets.

Signing document at office

Signing document at office

An article on washingtonblade.com lists some myths about estate planning.

They include:

  • Since I don’t have an estate, there is nothing to plan. Actually, estate planning has to do with many things, including death, disability and divorce.
  • People have to get married to protect ourselves. Marriage makes estate planning easier, but there are estate plans for unmarried couples too.
  • Wills and powers of attorney are not needed if married. The truth is that marriage does not automatically confer complete decision-making powers on either spouse. Power of attorney is essential if either becomes incapacitated.
  • I must leave money to relatives. No, you do not have to.

These are just a few. The story lists several more.

 

 

One thought on “Estate Planning Myths

  1. Tobias Armstrong

    I’m pretty sure that every single one of these has crossed my mind at one point or another. Estate planning is one of those things that a lot of people don’t want to think about a lot (myself included). It’s good to know that there’s a lot of things that I didn’t know about estate planning in general, and this really made me realize that I need to get started on it as soon as possible. Thanks for sharing!

    Reply

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