Most people have never taken a course in estate planning and probate law. That can leave you feeling a little confused and insecure when you sit down to make end-of-life decisions, especially when the myths perpetuated online about estate planning are so pervasive. By dispelling some of these myths, you’ll be better positioned to make decisions that benefit your family and heirs.

Estate Planning Misconceptions

1. You Don’t Need a Will Unless You’re Wealthy

In truth, everyone needs a will. Even if your possessions and property aren’t particularly valuable, you have to think about your surviving spouse and children. Only a will will ensure that your minor children are raised by the guardian of your choosing. Don’t let the state make decisions for you.

2. You Don’t Need a Will Until You Get Older

This common misconception may end up being a costly mistake. Estate planning is more than just a will. It also involves living trusts and powers of attorney. If you were to develop a debilitating illness or fall victim to a serious accident, for example, these documents will help ensure that decisions about your medical care and finances are made by someone you trust.

3. Estate Planning Is a One-Time Task 

You should review your plan with an attorney every few years and any time you experience a major life event. For instance, if you purchase a new life insurance policy, you want your estate planning documents to reflect that purchase. If you have a child, if your spouse dies, or if you get divorced, you’ll need to reassign beneficiaries.

4. You Don’t Need a Lawyer to Make a Will

Web-based apps may convince some that anyone can make a will, but you shouldn’t fall in line with that logic. You may be ignorant of all pertinent laws and statues of your state. Additionally, a will may not be the only document you need to draw up. Only an experienced attorney can explain the benefits of enacting wills in conjunction with trusts, guardianships, and powers of attorney.

Riley Resar & Associates P.L.L. is a comprehensive law firm that offers the estate planning services and legal documents you need. They will also advise you regarding future medical care and financial needs. Visit their website to familiarize yourself with their legal services and experience, or call (440) 244-5214 to make an appointment to speak with an attorney.