Recognizing the myths are as important as understanding the importance of estate planning because if you fall victim to these untruths, you might leave your family in scramble once you are gone.
We have shared below a few myths and misconceptions that we hear frequently. Learn about them and the truth behind them before you make any critical life choices.
1. Estate planning is just for the wealthy.
Estate planning is equally important for every person irrespective of whether wealthy or middle class. How much you have in your accounts hardly matters. You need to plan your estate to ensure you pass whatever you have to your loved ones.
2. I am too young to think about estate planning.
The truth is, we never know when our life can change on a dime. So, it does not matter how old you are or how much estate you have to take care of, putting a plan as soon as possible is one of the best decisions that you can ever make.
3.Since I am married, everything will go to my spouse anyway.
This is true that your spouse will get everything. But what if your spouse remarries or if both of you pass together? There are certain things that you would love to pass to your children. Without an estate plan, you might leave your assets in disarray.
4. My family will do the right thing.
We wish that happens to everyone, but the reality is sometimes different. Your assets might break a healthy and happy family and dispute relationships. If you have the right estate planning, everything will be sorted, and everyone will get what they deserve according to you.
These are just a few myths, there are actually numerous. You need to be well aware of them before you make any decision.