You can find a lot of information online about estate planning, but just because it’s readily available, doesn’t mean it’s accurate.
You may need to know what myths people spread about wills and trusts to prevent causing legal problems and family disputes. Here are three myths you should recognize:
1. You don’t need a will until your older
You may be putting off writing a will because you believe you’re too young. While you may not have many assets to consider in your estate plan, you may need to consider getting a power of attorney. A power of attorney may decide financial and medical decisions if you’re in an accident or unconscious from a medical problem.
2. It’s easy to write a will
While anyone can write a will, a will doesn’t just include who inherits what assets. A will requires the correct legal language that ensures it’s a valid will. You will also need two signatures to verify its authenticity. A mistake in your will could cost your estate a lot of money — and your heirs a lot of unnecessary grief.
3. Only the rich create trusts
Anyone can create a trust to ensure family and friends receive their inheritance. A trust will also skip probate, allowing beneficiaries to retrieve their inheritance early. Depending on the trust, your heirs may even retrieve their inheritance tax-free.
What you do with your estate is up to you, but for your own sake and the sake of your family and your friends you may consider seeking legal guidance so that you can get your estate plans in order.