Common Misconceptions About Estate Planning

Yee Law Group Inc. > Common Misconceptions About Estate Planning

Estate planning isn’t something that many people look forward to, but it’s a necessary thing to do. Not a lot of people understand what estate planning actually involves. Here are some common myths about estate planning.

I’m Not Wealthy Enough to Need an Estate Plan

Estate planning isn’t just for the very wealthy anymore. Just because you don’t have a high-net worth, doesn’t mean that  you can’t benefit from an estate plan. If you have any property, you want to make sure that it goes to the right people after you’re gone. Additionally, if you have children, you want to be able to appoint a suitable guardian for them. An estate plan will allow you to do that.

Once You Create an Estate Plan, You Don’t Have to Think About It Again

Some people are under the false impression that estate planning is a once-in-a-lifetime event. The truth is that most individuals have to make changes to their estate plans several times in their lifetime. Whenever you experience a major life change, such as a divorce or birth of a child, you should review your plan with an estate planning lawyer in Sacramento, CA. You want to make sure that your plan reflects your current needs.

I’m Too Young for Estate Planning

When you’re young, you may think that you’re invincible and don’t need an estate plan. However, life can be unpredictable, even if you’re young. If you should die suddenly, you want to make sure that your assets go to the right people. Additionally, if you have children, an estate plan allows you to appoint a proper guardian.

Without an Estate Plan, My Property Will Go to the Government

Even if you don’t have an estate plan in place, it’s unlikely that your property will go to the government after you die. The law determines who will receive your property based on who survives after you’re gone. For instance, if you die with no surviving spouse but two surviving children, your property will be divided evenly between the two. If you die with no surviving relatives, on the other hand, the government will get your property.

It’s Better to Create a Will On My Own

Some people try to create their own estate plans to save money. However, this isn’t a good move. These are complex legal documents, and you can make mistakes. It’s worth it to hire an experienced Sacramento estate planning lawyer.