Are you thinking about your estate, but don't know where to start? You're not alone. Most people think about their estates when they are older, and often too late. We all know that life is unpredictable and can change in an instant. Everyone needs to have a plan in place to protect those we love and care for the most. That's why we want to bust some common estate planning myths to help you get started.

1. Estate Planning Is Only for Older People

You might fall into this common estate planning myth if you think that since you're young, healthy, and have little to no property or assets, there's no need to worry about an estate plan. But just because you are young doesn't mean your family won't someday benefit from the security of having a plan in place. It's never too early or too late to have a plan in place, so set your plan into action today.

2. Estate Planning Is Too Expensive

Estate planning can involve paying legal fees and other expenses, but it doesn't have to be expensive. Many inexpensive estate planning options are available (and even free ones, in some cases) that can help protect your family and reduce expenses after you're gone.

3. Estate Planning Is Too Complicated

Estate planning doesn't need to be complicated at all! Some of the most basic estate planning documents, like a will or living trust, are very simple for most people to understand. You can work with an estate planning attorney to help you understand all your options.

4. Estate Planning Is Only for the Wealthy

Estate planning is a necessity, not a luxury, and something everyone should have in place to protect their family and assets, no matter how much they make or own. So even if you're on a budget, there are options available that can work for you.

5. My Closest Relatives Will Automatically Inherit My Property and Cash

Surviving family members can be named in a will as beneficiaries of your estate, but that doesn't always mean they'll get what you want them to. The law decides who gets what in the event of your death, and it's critical that you put certain legal protections in place to ensure your wishes are followed.

6. I Won't Have to Update My Estate Plan After I Get Married

Getting married is a great reason to review your estate plan and update it if needed. Also, being married can often affect the type of estate planning documents you might need or want in place. For example, it's important to review beneficiary designations like life insurance policies, retirement plans, and bank accounts to make sure they reflect your current wishes.

According to a study by Caring.com, middle to older-aged adults are less likely to have wills now than they were last year. However, younger adults are more likely to have them than they were pre-pandemic. Regardless of age, many people may be unaware of the importance of estate planning. Estate planning attorneys can help you understand all your options and determine which one is best for you. Contact us today to schedule a schedule an appointment.