As an estate planning law firm with nearly thirty years of experience, we see several common excuses for why clients delay getting an estate plan in place. Add changing laws at the state & federal level and the need to address your own mortality, it’s clear to see why many people delay in putting an estate plan in place. Here are four common myths debunked about estate planning, to help you get started on your estate plan journey today.
1) Estate planning is for the elderly.
Estate planning is an important process regardless of our age. In fact, estate planning should start at 18 when an individual becomes legally recognized as an adult. We recommend that all adults have a property power of attorney, healthcare power of attorney, HIPAA authorization, living will, and either a will or revocable living trust.
2) My assets will avoid probate if I have a will.
A will alone will not protect your loved ones from the time-consuming and expensive probate process. In fact, a will requires that your personal representative file the will with the court and navigate the public and rule-driven process of probate. A revocable living trust will avoid probate, so it’s important to consider how important probate avoidance is to you.
3) Estate planning is only for the wealthy.
Many people think that if you don’t have an estate that will be subject to the federal or Maryland estate tax, then you don’t need a plan in place. While it’s true that a well-executed estate plan can help lower estate tax liability, a plan will also ensure that you have the proper people named to make your healthcare decisions, name a guardian for your minor children, and authorize trusted individuals to manage your finances.
4) Once I put a plan in place, I don’t need to revisit it.
It’s a huge accomplishment to get your initial estate plan in place. Just like any other investment, you want to revisit your estate plan at regular intervals and at certain life events. We recommend reviewing your estate plan at least every 2-5 years and during major life events like the birth of a child or grandchild, divorce, marriage, illness or disability of a spouse, or purchase of a major asset (like a house or new life insurance policy).
Now that we’ve debunked four common myths easily associated with estate planning, don’t delay in reaching out to us. Please join us for an upcoming FREE seminar. If you have questions or concerns about your estate plan, contact the experienced estate planning attorneys at Sinclair Prosser Gasior by calling (410) 573-4818 to schedule an appointment.
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