Many people are familiar with estate planning, far fewer have in-depth knowledge of the subject. For this reason, many estate planning myths have taken hold over the years.
Here are three such myths that need to die.
Estate planning is only for the elderly
Although its pleasant to assume we’ll live to a ripe, old age, we don’t know for sure. Therefore, it’s really never too early to start getting your affairs in order.
Delineating how you want your assets and wealth distributed in the event of your death protects your interests and those of your family. We have insurance policies to protect us from an uncertain future, estate planning should be thought of in the same vein.
Estate planning is only for the rich
We all have valuable assets we want to protect, even if we’re not millionaires. An estate plan ensures that the wealth we worked so hard to build ends up in the right hands.
All I need is a will
Wills have utility, but there are so many other options in the vast universe of estate planning tools. Limiting yourself to a will automatically eliminates a host of other alternatives that may better suit your situation.
In reality, you probably don’t know what you need before meeting with an experienced estate planning lawyer. A lawyer can help you carefully weigh your options and craft a plan best suited for your situation.
North Carolina residents shouldn’t hesitate to reach out. If cost is a concern, many lawyers offer a free initial consultation at no out-of-pocket cost to the client.