Breaking the Common Estate Planning Myths
Estate planning is surrounded by misconceptions that can deter individuals from taking action to secure their future. At Morgan Legal Group in New York City, we are dedicated to educating our clients and debunking these myths to ensure that everyone understands the importance and benefits of proper estate planning.
Myth 1: Estate Planning Is Only for the Wealthy
Contrary to popular belief, estate planning is crucial for anyone who wishes to have a say in the distribution of their assets, regardless of the size of their estate. It’s not just about large sums of money or assets; it’s about making sure your wishes are respected and that your loved ones are provided for in your absence.
Myth 2: I’m Too Young to Worry About Estate Planning
Estate planning is often associated with the elderly, but the reality is that unexpected life events can occur at any age. Young adults can benefit from having a basic plan in place, particularly if they have assets, children, or specific wishes about their health care directives.
Myth 3: A Will Is Sufficient for All My Estate Planning Needs
While a will is a fundamental component of an estate plan, it is often not sufficient on its own. Comprehensive estate planning can include trusts, advanced health care directives, and powers of attorney, each serving unique purposes that a will alone may not cover.
Myth 4: Once I Create My Estate Plan, I Don’t Need to Revise It
Many assume that estate planning is a one-time task. However, life changes such as marriage, divorce, the birth of children, or significant changes in financial status necessitate revisions to ensure that the estate plan remains relevant and effective.
Myth 5: Estate Planning Is Too Costly
The cost of not having an estate plan can be much higher, especially if your estate goes through a lengthy probate process. Investing in estate planning now can save your heirs significant time and money in the future.
Myth 6: Estate Planning Is Only About Distributing My Assets After I Die
Estate planning also involves decisions about your health care and financial affairs in case you become incapacitated. It ensures that your wishes are carried out in a manner you approve of, even if you are not able to communicate them.
How Morgan Legal Group Can Help
Our experienced attorneys at Morgan Legal Group specialize in crafting personalized estate plans that reflect the unique needs and wishes of each client. We guide you through every step of the process, from initial consultations to the final drafting and updating of your documents.
Conclusion: Taking the Right Steps Towards Effective Estate Planning
Don’t let common myths keep you from planning for your future. Contact Morgan Legal Group today to learn how we can help you create an estate plan that meets your needs and provides peace of mind for you and your loved ones.
It is relatively common for our estate planning attorney to be told that there is some hesitation when it comes to making a plan. Many people worry about the process and often stall if they can.
While the reason for the hesitation is usually personal, some myths surrounding estate planning may have you confused.
Fortunately, our estate planning attorney in NYC will discuss these myths and debunk them for you. Once you are ready, our team is here to assist you in putting together a sound estate plan.
Our Estate Planning Attorney Debunks Estate Plan Myths
Myths are just that – false. The problem with them is that people end up believing them and do not have the proper information, which may cause them not to seek out the help they need or become confused about a process.
Our estate planning attorney is here to debunk some of the common myths surrounding estate planning to help you better understand it.
“You can wait until you are a senior or elderly to create an estate plan”
While you can wait until that time, it is not recommended. Younger individuals can greatly benefit from having an estate plan in place and you never know what the future holds.
It is vital for young people with children, especially, to have an estate plan in place as this plan will guarantee that your dependents are well taken care of.
“You MUST have a will”
There is a myth that says everyone NEEDS to have a will. While it is wise to have a will in place, it is not a requirement and it is not always necessary.
Typically, a will is recommended when you have assets that need to be distributed out. The will then guides everyone on how to divide the assets and distribute them.
There are some cases where a will is not needed such as if you have no assets or you have joint bank accounts. In the event of a joint account, the account is often distributed outside of the directions of the will.
“Everything is written into stone”
One of the biggest myths is that once you create an estate plan, it is written in stone. This is incorrect and it is important everyone knows it is incorrect as many people avoid creating a plan because they believe they cannot change it.
Your estate plan is YOURS and you can revisit and change what it says whenever you want. Your estate plan is meant to be updated so that it can reflect your most current wishes and desires.
Get in Touch with an Estate Planning Attorney Today
There are many myths surrounding estate planning, and unfortunately, these myths can cause individuals to hesitate when it comes time to create a plan.
Our estate planning attorney at Morgan Legal Group PC is here to help you and can assist you in understanding the truth behind an estate plan. If you would like to discuss your options, do not hesitate to call our office at 212-561-4299.