Many people have wrong ideas about estate planning. Sometimes these ideas keep them from taking the proper steps to protect their families and assets.
An article on washingtonblade.com lists some myths about estate planning.
- 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.