While it’s certainly wise to take a proactive approach to estate planning, drafting a will before clearing up any misconceptions could do more harm than good. Unfortunately, when it comes to making future arrangements, there are countless myths about all that it entails. Here are a few of the most common misconceptions about protecting your heirs and beneficiaries so you can avoid making any critical mistakes.

3 Estate Planning Myths 

1. Only Certain Individuals Need to Draft a Will 

It’s easy to postpone estate planning if you’re fairly young and in relatively good health. Since life is unpredictable, though, it’s never too early to make end-of-life decisions. It’s also unwise to put off writing a will until you've acquired valuable assets. Even if you don't have much property to bequeath, you can use estate plans to establish guardianship for your minor children and state any preferences regarding your end-of-life medical care.

2. Once I Write a Will, I Can File It & Forget It 

Since both your family dynamic and net worth will inevitably change over time, so should the terms of your will. You must, therefore, review your estate plans periodically. You should look over all critical documents once a year or at least after major life changes, such as the birth of the child, death of a beneficiary or a named person in your will, or a divorce.

3. I Don’t Need to Create a Will If I’m Married 

While it’s true that individuals are usually entitled to a portion of their spouse’s estate, the statutory transfer of assets (called intestacy) can run counter to your interests and those of your surviving spouse. If you have children, for example, they’ll also be entitled to some of your property should you die without a will. Unless you’re wholly on board with the laws of intestate succession—which don’t take complicated family dynamics into account—you need an estate plan regardless of your marital status.

The knowledgeable attorneys at Pepping, Balk, Kincaid & Olson are happy to explain all the details of estate planning in terms their clients understand. Based in Silvis, IL, they serve more than 2,000 satisfied clients every year. Because the lawyers of the firm have years of experience in a variety of practice areas, you can turn to them for your diverse legal needs. To request a consultation, call (309) 755-5096, or reach out on their website.