Making an estate plan is among the most forward-thinking actions anyone can do while alive. However, estate planning is a challenging procedure, and people frequently get it wrong.
As a result, you might have received inaccurate information about how estate plans operate. What you should know is this:
Myth 1: Creating an estate plan requires wealth
Truth: A common misconception is that estate planning is only for the wealthy. However, anyone with assets of any value can create an estate plan.
Myth 2: You must be “old” to create an estate plan
Truth: Many people put off creating an estate plan until later in life. However, it is better to do it much sooner. You can legally make one as soon as you turn 18.
Myth 3: You can just do it online
Truth: Online templates are available, however, these might not comply with state-specific laws or meet all your needs. It is better to get help to ensure your plan functions as needed.
Myth 4: An executor only handles asset distribution
Truth: Although distributing assets is an executor’s primary responsibility, there is a lot more to the role than that. They may also be obligated to handle your mortgage and taxes.
Myth 5: It’s best to make estate plans in secrecy
Truth: While you may choose to keep your plan secret, it is often better to share some details with those close to you. This can help avoid confusion or problems later.
Contact Quinn Law Firm at 814-833-2222 for help, if you are ready to make your estate plan.