Thinking about planning for your death is difficult, but it’s made much simpler with a few myths about estate planning cleared up.
First Myth: Estate planning is only for the wealthy
This is a common misconception. Regardless of the total value of your estate, if there is anything in your estate it is worth planning. Just because you may have an estate valued under the estate tax threshold does not mean you should avoid planning it.
Second Myth: One and Done is enough
Preparing your estate plan is one thing, but keeping it up to date is key. Your life is not standing still, neither should your estate plan. Updating with life changes and major events will ensure your estate plan reflects your current needs and wishes.
Third Myth: A Will is All You Need
While for many people a will might suffice, for property owners and many others, a trust is needed to protect assets and families. A trust plans for more than a will does, and helps to keep an estate out of the probate court. A trust is the best estate planning document to ensure your wishes are known and can be followed.
If you are ready to prepare your estate or update your documents, we are here to help. Contact The Boutique Law Group, APLC to schedule your free consultation and to get to know how our team can make your wishes known.