Estate Planning Myths and Misconceptions

Every adult needs an estate plan to maintain control of your property today; take care of yourself and your family if you become incapacitated; and give what you have to whom you want, the way you want and when you want in the future. Thinking about and preparing for what will happen after your death can be scary, and intimidating. In 2020, less than 1/3 of American adults say they have a will or other estate plan - which means over 70% of adults are not prepared for the future. Here are 7 myths and misconceptions about estate planning - and the facts.

7 Estate Planning Myths and Misconceptions

1. Only the wealthy need an estate plan - and I am not wealthy!
Estates can protect the assets of anyone who owns a home, has dependents to protect or wants their assets to be managed in a specific way after they are gone. Do you have young children to protect? If you have minor children, a will and trust let you legally name a guardian for your minor children, and protect their financial future.

2. I'm too young to need an estate plan - I'm not married and I don't have any children.
Do you have a job? Do you own property such as a car or home? If you’re over the age of 18, you probably have assets that need to be managed in the event you unexpectedly die.

What will happen if you become ill or incapacitated, and can’t make your own healthcare decision? Who will decide your medical treatment, and make decisions about your care?

Even if you’re young, single and just starting your career you likely have an insurance policy at work and some assets you care about.

3. Making an estate plan is too expensive - I can't afford an attorney!
Creating an estate plan with an attorney can save you money in the future and save your heirs time and money after your death. The cost of creating an estate plan will save you money in the long run. A simple estate plan such as a will isn’t very expensive - most people are surprised by how affordable a will or trust really is.

4. I'm too busy, I don't have time to make an estate plan now. 
Adulting is hard - just ask any millennial!. Most people don’t plan on dying tomorrow - but unfortunately, for many people tomorrow never comes. Now more than ever, its important to protect your loved ones and plan for unexpected by creating an estate plan that makes it easier for them after you are gone.

5. My children automatically inherit everything when I die.

If you die without a will in Georgia, your assets will go to your closest relatives under the state’s “intestate succession” laws. Who inherits what will depend on whether or not you have a living spouse, children, parents, or other close relatives when you die.

6. I don't want to jinx myself by creating a will.
People love to procrastinate, and look for any excuse to rationalize procrastinating on creating a will. In reality, you really are jinxing yourself if you don’t make a will, and the unexpected happens and you aren’t prepared.

7. I don't know where to start - I know I should have a will, but it's too complicated!
At SmithTaire Legal, we ensure that you are properly represented and educated. Our goal is to make a difference in our clients’ lives by giving them peace of mind.

How To Start the Estate Planning Process

The first step to create an estate plan is to talk to a knowledgeable, experienced estate planning attorney who can explain the process to you, answer your questions and help you decide on what type of legal documents you need to protect your family and loved ones.

Your Trusted Legal Partner in Georgia

When searching for a reliable attorney who can help you with estate planning, probate, and personal injury cases, you can trust SmithTaire Legal. At our firm, we ensure that you are properly represented and educated.

If you need help with creating an estate to protect your loved ones after you are gone, contact your trusted legal partner, the team at SmithTaire Legal. Our virtual office is open and we can help you via telephone, email, FaceTime, Zoom, DocuSign and other tools. 

Schedule an appointment with us today at 678-253-8133 to discuss your situation.