Myth: I need to have a lot of money to do estate planning.
Reality: Not true! everyone could benefit from estate planning. Whatever the size of your estate, everyone needs certain documents in this day and age, especially with certain privacy rules and regulations.
Myth: I did all my estate planning years ago, I'm all set.
Reality: There have been many changes in the laws that may impact your documents. The truth is that its good to get things updated or at least reviewed every so often so that you can keep current with any changes in the law.
Myth: I need millions to even consider a trust.
Reality: Certain situations necessitate a trust, which of course differs from person to person. However, meeting with a qualified estate planning attorney can help you to determine whether you have assets or certain special situations to make a trust worthwhile.
Myth: My kids say all my documents are in order so I don't need to meet with anyone.
Reality: Unless your children are qualified professionals in estate planning, their advice may be hurting you in the long run. The fact is that many things have changed and documents may need to be updated or changed to keep in line with law and your situation. It is always worthwhile, when in doubt, to have a qualified legal professional double check to make sure everything is properly set up.
Myth: I don't need to worry about any long term planning since my kids will always take care of me.
Fact: Even with the best of intentions, sometimes people have a loved one whose health and needs go beyond their capacity to help. Proper planning while you are able to set it up will ensure that no matter what happens the legal end of things will be able to be properly managed.
Myth when I die, I’ll be gone so it won't matter what happens to my estate. Reality: Not doing proper planning can drain your estate and take away time and money that your heirs could certainly spend better elsewhere. Many times, doing even minor tweaks to your estate can help tremendously and make seeing a qualified professional worthwhile.
Myth: I need to shop around before I can commit to anything.
Truth: People who say this usually will never find answers they are truly happy with and actually do their estate planning. The truth is that meeting with a qualified professional and getting everything organized is far less painful and expensive than most will think and for that reason shopping around will only prolong the process. Procrastination is your enemy when it comes to these types of matters and its always best to get it taken care of. Exact pricing and procedure can be worked out, and are nothing compared to the value of peace of mind.
Myth: I need all my things organized before I can make an appointment.
Truth: No body is ever truly 100% organized with these items and for that reason again, its a method or procrastination. As long as you have a general idea of what you have and where it is, even if you have a bag of paperwork its fine to start the process and get everything going for the peace of mind that comes with getting your planning taken care of.