When it comes to estate planning, most people don’t even know where to begin. The top three reasons that clients engage in estate planning are to: avoid probate (59%), minimize discord among beneficiaries (57%), and protect children from mismanaging their inheritances (39%). But before you can even think about your reasons for estate planning, it’s important to understand the truth about what the process actually entails as well as how a professional estate planner can make it easier every step of the way. Here are just a few myths that can prevent you from proper estate planning.
Estate planning is only necessary for very wealthy people.
Though estate planning is considered to be the most necessary for wealthy individuals, those of all incomes levels can reap the benefits of estate planning in some way or another. Estate planners fully understand that every family has different financial assets and needs, and they’re willing to work with anyone to create and ensure a careful and detailed estate plan.
Estate planning is a process meant to be started during a person’s golden years.
While many people do tend to wait until they get older to start thinking about their estate planning process, this doesn’t mean it’s the right time for everyone. In fact, an estimated 55% to 70% of Americans don’t have an estate plan or even a simple will, so the earlier you start the process, the better. Younger adults can make a simple estate plan in order to manage the current state of their financial and/or medical needs. Older adults can continue to develop this plan as they go through major life events. So, the fact remains that adults can visit our Wilmington law office and start estate planning at any age.
Estate planning can be completed once, and then the documents are safely stored until they’re needed.
Finally, many people think that the estate planning process is a one time thing. But as mentioned, there are many changes people experience throughout life that can prompt them to alter their estate plan. These events include marriages and divorces, births, family estrangement, retirement, relocation, and more.
When all is said and done, knowing the reality about estate planning can help you determine when the right time is for you to form your plan. For more information about real estate lawyers and estate planning, visit us at our Wilmington law office.
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