Common myths about estate planning

| Oct 28, 2020 | Estate planning |

Estate planning can be a large undertaking, particularly for older people who have accumulated a lot of assets. As a result, many people in Wisconsin tell themselves myths and falsehoods about estate planning so they can keep putting it off. But neglecting to plan your estate can put your family in a legal bind if you end up dying unexpectedly. Here are some common myths about estate planning that people should avoid.

What are some common myths about estate planning?

One of the most enduring myths about estate planning is that it’s unnecessary because the individual’s family will divide up their assets according to their wishes. This would be ideal, but unfortunately, there’s no way to guarantee that anyone’s family will honor their wishes after their death. And even if they do, the court will decide how to divide up the assets if no will is discovered. It’s important for people to write a will before they die so their assets can be divided exactly to their specifications.

Another common myth is that some individuals are too young to consider estate planning. Unfortunately, anyone can die at any time. Even if an individual has only a small number of assets, estate planning can make it much easier for their family members to collect their inheritance and move on with their lives afterward. It’s best to plan for the unexpected even if it doesn’t seem likely.

Can an attorney help individuals with estate planning?

Anyone thinking about estate planning might wish to hire an attorney. An attorney might help them write their will, choose someone for power of attorney and make other important decisions. The attorney might also help them take an inventory of their assets and point out potential issues that they wouldn’t have noticed otherwise.