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Estate Planning Myths You Should Know

Posted on in Family Law

Wheaton Estate Planning Lawyer

Many people procrastinate when it comes to their last will and testament, for a variety of reasons. They may be busy, do not feel they need one, do not want to do it until they are older, or they find it morbid. Thinking you have plenty of time to do your will is one of the many myths about estate planning. That myth and those listed below need to be debunked to make sure everyone is properly taken care of after an individual dies either later in life or unexpectedly. 

Only Rich People Need to Plan Their Estate

Some lawyers and financial advisers may be focused on the “big fish” estates, but it is not necessary to be wealthy to have a will. No matter what your financial situation, if there are items you would like taken care of after your death or decisions made about your healthcare, a will is a necessity.

Wills are Not for Young People

Young adults often do not create a will until they are much older, feeling they do not need one when they are young. This may be true in many cases, but tragedy can strike, and a young person may pass away. If that happens and they do not have a will, their wishes may not be carried out. 

Once I Make a Will, it is Set in Stone

After your will has been drawn up, you are free to alter it based on changes that occur in your life. If you get divorced, have a child, if your income situation changes, you acquire new assets, etc., you may need to update your will. The process of changing a will is not an overly simple process, but it can be done with the help of an estate planning attorney.

A Will is Too Complicated to Set Up

Wills may be scary to some people because they view them as frightening legal documents that are extremely complicated to create. Wills are not as easy as writing a check, but with the help of an experienced wills lawyer, you can have your questions answered and finances evaluated. 

Contact a Wheaton Estate Planning Attorney

The process of drafting a last will and testament is complicated. You want expert legal help with your will in order to properly explain your desires when you die. For assistance with your will, the DuPage County estate planning lawyers at Anderson & Associates, P.C. can deliver what you need. Call us for a free consultation at 630-653-9400.

Sources:

https://money.usnews.com/money/retirement/baby-boomers/articles/2018-07-05/6-common-myths-about-estate-planning

https://www.thebalance.com/estate-planning-myths-1289819

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