What Should I Know About the Truth Behind Estate Planning Myths?

Many people hold differing opinions regarding estate law and estate planning. There are plenty of individuals and families who believe they do not need it, or it is too expensive or difficult to do. However, these are simply myths and it is important for all people to create an estate plan at some point throughout their life. Continue reading below to know the truth behind estate planning myths and contact a California estate planning attorney for assistance during this time.

Myth: Estate Planning is Only for Money

People often want to create an estate plan in order to protect their finances. While this is true, it is not the only reason. Estate plans make life easier for your loved ones when they are experiencing a time of great loss. This is due to the fact that it outlines your values and wishes to protect your family when you are not around to do so on your own anymore. 

Myth: Estate Planning is Expensive and Lengthy

The only expenses related to estate planning are retaining the services of an attorney for help drafting the necessary documents. Contrary to popular belief, this actually helps to save time and money in the long run. Without an estate plan, or if there are mistakes within your plan, beneficiaries have to go through probate. This is a lengthy process that can result in additional costs later on.

Myth: Estate Planning is for the Rich

Estate planning is not only for the wealthy, but for every family. An “estate” refers to all belongings. This includes everything a family owns, such as a home, car, bank accounts, and much more. An estate plan provides instruction for loved ones to handle these assets when you are gone. This can ensure:

  • 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 when you are elderly. It can be made at any age, even when you are younger. While no one wants to think about the possibility of them becoming incapacitated or disabled, it is always better to be prepared than not. A thorough estate plan can include documents regarding what to do with assets, healthcare, financial obligations, etc. in these situations.

Contact our Firm

Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Do not delay. Estate planning is a more urgent matter than you may think. You never know what the future holds. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.