The Truth Behind Estate Planning’s Most Popular Myths

The Truth Behind Estate Planning’s Most Popular Myths

There are many differing opinions that surround estate planning. In many cases, people think it is too difficult, expensive, or their family does not need it. However, a comprehensive estate plan is important for everyone to have. Continue reading below to know the truth behind estate planning myths and contact a New York estate planning attorney for assistance during this time.

Myth: Estate Planning is Only for Money

People often want to create an estate plan to protect their finances. However, this is not the only reason. Estate plans make life easier for your loved ones during a time of significant loss. This is because it details your wishes to protect your family when you are no longer around to do so yourself. 

Myth: Estate Planning is Expensive and Lengthy

When planning an estate, the only related expenses are to hire an attorney for assistance in drafting the necessary documents. In the long run, this actually helps to save both time and money. This is because, without an estate plan, beneficiaries have to go through probate. This is lengthy process that can cost more at the end of the day.

Myth: Estate Planning is for the Rich

It is important to know that estate planning is not only for the wealthy, but your “everyday” family as well. An estate refers to everything a family owns, such as a home, car, bank accounts, etc. An estate plan allows you to provide instruction for your loved ones to handle these assets. This can ensure the following:

  • Finances are managed in the event of incapacitation
  • Healthcare decisions will be carried out as intended
  • Children and other heirs will be cared for

Myth: Estate Planning is Not Urgent

An estate plan does not only have to be made at an older age. It can be made at any age. While no one wants to consider the idea that something bad can happen to them at a young age, it is important to always be prepared. A proper estate plan can include documents discussing what beneficiaries need to do with assets, healthcare, financial obligations, etc. in the event of incapacitation or disability. 

Contact our Firm

If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.

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