Common Estate Planning Myths Debunked

myths, Wheaton estate planning lawyerA survey conducted by the American Association of Retired Persons (AARP) shows that only about 40 percent of Americans have a will, trust, power of attorney, or other estate planning document in place. There are countless reasons that so many adults have neglected to create their estate plan. One reason is that many people do not understand the benefits that estate planning can offer them and their families. Some may only have a vague notion of what estate planning even entails and feel too overwhelmed by legal jargon to research estate planning further. Television and movies have not presented estate planning in a very positive light either. There are many myths and misunderstandings surrounding estate planning which are simply not true.

Myth: I Do Not Need to Worry About Estate Planning Until I am Older

When most people imagine someone writing a will, an image of an elderly or sick person comes to mind. The truth is that waiting until you are older to start formulating estate plans is a poor idea for several reasons. The validity of a will can be questioned if the person writing the will, called the testator, is not of sound mind due to advanced age or cognitive decline.

Secondly, estate planning does not only deal with what happens to a person’s debts and assets after they die. For example, some estate planning instruments can allow you to choose a guardian for your minor children if anything should happen to you and your children’s other parent. While it is unpleasant to think about, accidents happen every day and it is better to be safe rather than sorry.

Myth: Only Rich People Need Estate Plans

While it is true that higher value estates and estates containing complex assets require more extensive estate planning, the reality is that every adult can benefit from some type of estate planning – regardless of wealth or status. For example, many people have strong beliefs about end-of-life medical care. They do not want to be kept alive via a ventilator or feeding tube if they are in a vegetative state. Others wish to sign a “do not resuscitate” order, or a “DNR,” for personal reasons. Still others wish to dictate exactly what types of death-delaying medical treatment they consent to and what they do not want if they ever become incapacitated. Estate planning allows you to make these types of decisions in advance.

Myth: I Do Not Need to Worry About Estate Planning Because My Loved Ones Can Handle it

Losing a relative or close friend is one of the most heartbreaking life events a person can experience. When an individual does not have any estate plans to dictate what happens to their assets and debt upon passing away, this responsibility falls to their surviving loved ones. This can be a difficult burden for them to bear, especially when they have just experienced a loss. Making decisions about your healthcare and finances in advance saves your family from having to make these decisions on your behalf.

Contact a Wheaton, Illinois Estate Planning Lawyer

If you want to learn more about how estate planning can benefit you and your family, contact an experienced DuPage County estate planning attorney at Stock, Carlson, Oldfield and McGrath LLC. Schedule a confidential consultation by calling 630-665-2500 today.

Sources:

https://www.aarp.org/money/investing/info-2017/half-of-adults-do-not-have-wills.html

https://www.moneycrashers.com/legal-myths-estate-planning-wills-trusts/