Is it procrastination or the belief that a will isn’t necessary – you have time to do it later – you don’t have enough assets – or it’s just too expensive?
If any of these fit you, you’re not alone. These are common myths about estate planning, but it does means you don’t have the protection you need should the unthinkable happen.
A Will is arguably one of the most important things you can do for yourself and your family. Not only can a will legally protect your spouse, partner, children and assets (no matter how small), but it allows you to control who will manage your estate after you are gone, how your property will be divided, who will receive it and even who will have custody over your children. For parents with minor children, a will is essential. Without a will, the State will select a guardian for your children and it may not be the person you would choose to raise your kids.
Many estate plans are affordable and they also include a living will and durable powers of attorney, which are three documents everyone should have regardless of your wealth, age or health. They create a plan for end of life care, which can be unexpected, and designate a trusted person to make financial and health care decisions for you in the event you are unable to make these decisions for yourself.
If you’ve been following my law firm blogs, you probably know by now that I regularly post about these basic estate planning docs. I do it because I believe they are that important.