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Estate Planning Myths | I Only Need a Basic Will

A basic will is certainly better than no estate plan. And if you never get around to creating even a simple will, the state has a default plan already in place for you. Unfortunately, the state’s plan might be contrary to your wishes. Plus, all your probate assets will be a matter of public record, and following the state’s default plan will likely be slow and expensive.

Estate Planning Myths | Estate Planning Is Important, but Not Urgent

An estate plan is important for people of all ages. A thorough estate plan includes documents to address healthcare needs in case you become incapacitated, it allows financial obligations to be addressed if you are unable to do so in case of disability—short- or long-term. Most important, these documents express your wishes as to who should care for your children if you are unable to. It might not feel urgent, but an estate plan is an invaluable gift to your family.

Estate Planning Myths | Estate Planning Is Only for Rich People

Possibly the most common estate planning myth is that the typical family does not have an “estate.” In fact, an estate refers to things you own, such as a home, a car, or a bank account. Establishing an estate plan not only provides direction, but offers guidance for loved ones during a difficult time.

Estate Planning Blog

Get useful estate planning insights about wills, trusts, elder law, special needs planning, and more from the estate planning attorneys at TuckerAllen.

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