One of the personal financial topics that people are most confused about is estate planning.
Unfortunately, this can cause stress and mistakes in terms of time and money. Here are 4 of the estate planning myths that you shouldn’t believe.
4 Estate Planning Myths You Shouldn’t Believe
Many people are unable to create an estate plan because they are afraid of it. Why are they afraid of it? Well, it’s because of some myths. Do you want to know some of the myths related to estate planning? Continue reading to find out.
Only the Wealthy Should Plan Their Estates
This myth arises from the focus of many attorneys and financial advisers on the federal estate tax. This focus makes sense for estate planning professionals since much of their business is on the estate tax.
However, estate planning also helps you achieve three important things. Do you want to know what the important things are? Take a look.
- Your finances are protected if you can’t manage them yourself.
- Your healthcare decisions are carried out the way you’d like, even if you’re not able to make them.
- Your children and other heirs are cared for when that time comes.
It’s Too Early for You to Plan Your Estate
We don’t know when we might need an estate plan. It’s best to plan ahead, as it’s too late once something happens. Many people, including famous ones, have passed away without a will, even at a young age.
Your Province will Get Your Assets If You Die Without a Will
If the last two myths can lead so many people to inaction, it always amazes me this myth hasn’t led to a boom in the will-making business.
If you die without a will, each Province will apply its “laws of intestacy” to determine who will get what. So, if you don’t like that result, get a will drafted.
No One Needs An Estate Planning Lawyer At All
While these documents may cover most common situations, there may be a complicating issue warranting legal advice you’re unaware of.
However, it’s still a good idea to have an estate planning lawyer review these documents since it can be less expensive. Finally, don’t forget to ask your employer about any discounted legal services that may be offered.
Start Your Estate Planning Journey Today
A good estate plan can safeguard your assets, reduce taxes, and make sure your wishes are followed. So, are you ready to take charge of your future?
Contact KMR Financial. Our experts can help you create a personalized estate plan that fits your needs. Contact us now, and we will help you get started with all your financial goals and plans.
