According to Forbes, over half of Americans do not have an estate plan in place, whether that is a simple will, a trust, or other legal provisions. Unfortunately, many people believe that having a simple will is adequate, especially if they do not have a large estate. However, nothing could be further from the truth! In addition, some people do not consider the tough decisions that must be made if you are incapacitated – such as a car accident, stroke, or dementia.
In the Estate Planning Essentials Guide, we address common misconceptions about estate planning like:
- Misconception #1: They believe that working with an estate planner is expensive;
- Misconception #2: They think that a will is adequate to meet the needs of them and their family;
- Misconception #3: They think that their family members will behave amicably and will sort out the estate by themselves without legal guidance; and
- Misconception #4: They believe that they do not have enough assets to make estate planning worthwhile.
These misconceptions often leave family members with difficult and sometimes, controversial decisions. Estate planning allows you to consider these decisions, long before an illness or injury occurs, so that there is clear direction for your family, and your wishes are carried out, exactly as you intended.
More importantly, estate planning ensures who will care for any younger children and that they will have access to whatever financial resources are available. Download the Estate Planning Essentials Guide to learn everything you need to know to give your family a priceless gift!