True or False:
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If you don’t own a house, you don’t need an estate plan.
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A will keeps your family out of probate court.
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Estate planning is only for the most wealthy people.
If you answered ‘True’ to any of these, this article is for you.
There is a lot of misinformation out there about estate planning. It is a topic that comes with many different beliefs and opinions. We wrote this blog to set the record straight, and hopefully spare you from the consequences that come from believing false information about estate planning.
Here are the most common estate planning myths, and what we would say about them:
Myth #1: Estate planning is only for the wealthy
Many people disqualify themselves from estate planning because they believe that the state can handle everything easily if they don’t have a lot of assets. The problem with this myth is that state laws are rigid and don’t account for personal relationships or intentions. If you live in Tennessee and do not have a plan, your assets may go to people you wouldn’t choose, and loved ones could face long probate delays.
Estate planning isn’t just about money. It’s about who makes decisions, cares for your kids, and avoiding unnecessary stress for your loved ones.
Myth #2: I’m too young to need an estate plan
Most people think that estate planning is something that they will do when they reach a certain milestone such as retirement. The problem with this myth is that life is unpredictable. Young adults especially need an estate plan if they have kids or assets. Planning is about being prepared, not about age.
Protecting your family and assets is essential no matter what season of life you are in.
“My husband and I are very busy, FT working, two toddlers, two dogs and no time kinda family but we knew we needed to get this done.” -Cheryl
Myth #3: A will is enough for everyone
While a will-based plan might be all some people need, in Tennessee a will doesn’t avoid probate and may not cover healthcare or financial decision-making during incapacity. Many families benefit from additional tools like trusts, POAs, and beneficiary designations.
It is important to talk with an estate planning attorney to ensure that the plan that you have aligns with the wishes that you have for your family.
“We met with Trent to get our Trust set up (we already had a Will) and he was knowledgeable, thorough, answered all our questions easily, and helped us navigate the entire process with ease!” -Tammy
Myth #4: Estate planning takes too much time and effort
Estate planning can feel overwhelming, and it would be if you had to do everything on your own. With the right attorney however, you will be guided through a simple process with adequate time to make the necessary decisions.
Most people can complete an estate plan in just a couple of hours with the right guidance. Also, the time you spend now will save your loved ones months (or years) of probate headaches.
“A couple of emails, a few face to face meetings and we were set up.” -Wendi
Myth #5: My family knows what I want, I don’t need to write it down
Many people assume their family knows their wishes without having “the talk” with them. This can wreak havoc in families with conflict and confusion. Verbal wishes aren’t legally enforceable, and families often disagree about “what mom or dad would have wanted.” Written documents prevent conflict and ensure your wishes are honored.
“I feel so at ease knowing that my family will be taken care of in any event. Trent is truly invested in the well-being of his clients and goes above and beyond to provide all the information needed to make informed decisions that are in the best interest of your family.” -Kristin
No matter what you believe about estate planning, without a plan your family is at risk of losing everything. Many people only realize the importance of estate planning when it’s too late, after an accident, illness, or unexpected death. At that point, myths don’t protect you.
While it is easy to feel information overload, the best way to know what you need is to meet with an estate planning attorney. Click here to schedule a free discovery call and get the clarity and guidance that you need to protect your legacy and family.
