It is relatively common for our estate planning attorney to be told that there is some hesitation when it comes to making a plan. Many people worry about the process and often stall if they can.
While in most cases, the reason for the hesitation is personal, there are some myths surrounding estate planning that may have you confused.
Fortunately, our estate planning attorney in NYC will discuss these myths and debunk them for you. Once you are ready, our team is here to assist you in putting together a sound estate plan. If you would like to schedule a consultation, do not hesitate to reach out to us today at 212-561-4299.
Our Estate Planning Attorney Debunks Estate Plan Myths
Myths are just that – false. The problem with them is that people end up believing them and do not have the proper information, which may cause them not to seek out the help they need or become confused about a process.
Our estate planning attorney is here to debunk some of the common myths surrounding estate planning to help you better understand it.
"You can wait until you are a senior or elderly to create an estate plan"
While you can wait until that time, it is not recommended. Younger individuals can greatly benefit from having an estate plan in place and you never know what the future holds.
It is vital for young people with children, especially, to have an estate plan in place as this plan will guarantee that your dependents are well taken care of.
"You MUST have a will"
There is a myth that says everyone NEEDS to have a will. While it is wise to have a will in place, it is not a requirement and it is not always necessary.
Typically, a will is recommended when you have assets that need to be distributed out. The will then guides everyone on how to divide the assets and distribute them.
There are some cases where a will is not needed such as if you have no assets or you have joint bank accounts. In the event of a joint account, the account is often distributed outside of the directions of the will.
"Everything is written into stone"
One of the biggest myths is that once you create an estate plan, it is written in stone. This is incorrect and it is important everyone knows it is incorrect as many people avoid creating a plan because they believe they cannot change it.
Your estate plan is YOURS and you can revisit and change what it says whenever you want. Your estate plan is meant to be updated so that it can reflect your most current wishes and desires.
Get in Touch with an Estate Planning Attorney Today
There are many myths surrounding estate planning and unfortunately, these myths cause hesitation when it comes time for individuals to create a plan.
Our estate planning attorney at Morgan Legal Group PC is here to help you and can assist you in understanding the truth behind an estate plan. If you would like to discuss your options, do not hesitate to call our office at 212-561-4299.