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3 common estate planning myths

On Behalf of | Feb 27, 2023 | Wills & Estates |

Creating an estate plan is the best way to protect your family, finances, and legacy. But many New Jersey residents procrastinate when it comes to creating their estate plan. They may falsely think the entire process is too complex or confusing, or they may even believe these other commonly held estate planning misconceptions are true.

Estate planning is reserved for the rich

One of the most widely believed myths about estate planning is that it only benefits the wealthy. This could not be further from the truth. Whatever your financial status, drafting an estate plan can help you. By putting together an estate plan, people can protect their finances in the event that they become incapacitated. An estate plan can also ensure that your medical wishes are followed if you cannot voice them. Additionally, you can make sure that your children and other beneficiaries are cared for after you pass.

Young people don’t need an estate plan

Many people also falsely believe you do not need an estate plan when young and healthy. However, this is the most opportune time to begin estate planning. Estate planning is all about preparing for the unexpected, which can, unfortunately, happen at any time. It’s always good to remember that it’s never too early to start estate planning, but it can sometimes be too late. By proactively putting a plan together, people can gain peace of mind and feel confident about their future.

I can create an estate plan by myself

When researching the estate planning process, it’s common to come across do-it-yourself estate planning documents. People are often tempted to take this route because they believe that they will save money. But, in reality, trying to create an estate plan without an attorney’s help can lead to significant issues in the future, which can end up costing you more than simply working with a lawyer from the start.

From the outside, drafting an estate plan can seem daunting. But, after diving deeper into the process, many people realize that their preconceptions were based on common myths. If you are looking to start planning for the future, it may be beneficial to contact the local law offices of Mariano & Coiro, P.C., by emailing us or calling us at 732-860-7620