Preparing for the future provides peace of mind and helps ensure your wishes will be honored upon incapacitation or death. However, misinformation about estate planning and its various tools can make it challenging to get your affairs in order. It’s important to consult an estate planning attorney who can help separate fact from fiction and make sure you have all the right documents in place. Here are a few of the most common misconceptions to be aware of.

The Truth Behind Estate Planning Myths 

1. Estate Planning Is Only for the Elderly & Wealthy

Many people make the mistake of believing that meeting with an estate planning attorney only benefits wealthy seniors. The reality is that life is full of unexpected events, and no one knows when they may suffer a serious injury or illness that leaves them incapacitated.

As such, even if you’re young and healthy with minimal assets, it’s essential to create an estate plan with a living will that explains your wishes if you can no longer communicate them yourself.

2. A Will & Living Will Are the Same

Because they sound similar, people often have a difficult time distinguishing between the two. A last will and testament is meant to go into effect once you pass away and provide instructions as to how you want your assets distributed, who you’re appointing as executor of your estate, and who you’re designating as guardian for your minor children. In contrast, a living will goes into effect while you’re still living and makes provisions for your medical and financial needs should you lose the capacity to make decisions.

3. Naming a Health Care Agent Means Giving Up the Right to Make Decisions

Drafting a living will and naming a health care agent will not take away any authority you have over your own life. As long as you are capable of expressing your wishes, you’ll maintain the right to make decisions for yourself.

You can also have your estate planning attorney revoke your living will or make changes to it any time you feel it’s necessary. Your health care agent will only be available to take over on your behalf and help facilitate medical treatment if you become incapacitated. 

To clear up any confusion you have about estate planning, reach out to Vernau Law LLC. They’ll take the time to answer all your questions and guide you in putting together a well-crafted plan. For more than 25 years, their experienced estate planning attorneys have provided residents across Licking County, OH, with personalized and effective strategies for protecting their final wishes. Call (740) 587-2637 to schedule a consultation or visit them online to view a list of documents they can help you prepare.