Planning your future involves many moving parts, but one of the most daunting tasks involves your will and estate. The stigma around planning end-of-life matters might prevent you from writing your will in the first place, but consider it a way to show your loved ones you care about their monetary well-being long after you’re gone. Understanding the following common estate planning myths will help you take the right steps to protect your legacy.

Common Myths About Planning Your Will

1. Only Wealthy & Elderly People Need a Will

It’s never too early to start thinking about plotting out your assets after you pass away. In fact, studies have shown that most individuals should have their essential affairs in order by age 50. Most states allow any adult over age 18 to draft a will, so you should consider having one in place when you have assets you’d like to leave to specific people or organizations. This may include investments, an inheritance, legal guardians for children or pets, and social media assets.  

2. Drafting a Will Is Time-Consuming

Outlining your end-of-life plan and estate planning doesn’t have to be a lengthy process. If you have a list of your significant assets and property, and the help of a lawyer, you can document a general will and estate plan in a single appointment.

3. Your Will Can Never Be Changed 

Instead of being an ironclad agreement upon submission, your will is a living document meant to be updated periodically to reflect significant changes in your life. You might want to add or remove beneficiaries when there has been a major familial change like marriage or divorce. You may also want to remove legal guardians from handling your dependent’s assets once they’ve reached the age of 18. Checking the validity of your estate documents with your attorney is also recommended when you’ve moved across state lines, or when federal tax laws have changed.

4. The State Can Acquire Your Assets

States have different intestacy laws pertaining to dying without a valid will. Generally, though, your spouse and children will inherit your assets if you don’t have paperwork in place. The only instance when the state can take over your property is when you have no surviving relatives.

When you’re ready to set up your will and estate planning, contact the attorneys at Ferraro Kruk & Ferraro LLP. The family-run practice has served the Brockway, PA, community for decades, ensuring that clients leave their offices with reliable legal advice and peace of mind. Check out their website for a list of services they offer, or call (814) 268-2202 to speak to a representative.