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Death is an unavoidable part of life, yet many people still don't see the need to create a will or estate plan to save their loved ones the stress and costs associated with administering probate.
There are several myths about wills and estate planning that are preventing people from having a will or estate plan in place. These myths need to be debunked in order to get more people to seriously consider setting up a will and/or estate plan.
Take a look at these three myths about wills and estate plans that may be holding you back from planning ahead.
Myth #1: Wills and Estate Plans Are for the Affluent
Many people shy away from writing a will or having an estate plan in place because they believe that only the wealthy in society require such documents. However, everyone should have a will and estate plan in place regardless of their financial status. These documents will help to distribute or manage your assets and holdings according to your final wishes before you died or became incapacitated to make your own decisions.
It can also help you to come up with strategies of minimising or potentially eliminating any state estate taxes that may reduce the benefit that your loved ones receive.
Myth #2: Wills and Estate Plans Are for the Elderly
Another common myth about wills and estate plans is that people should wait until they are old to create the documents. This myth shows just how much individuals take life for granted. They forget the fact that tomorrow isn't given to anyone and that different situations or occurrences can drive them to an early grave.
Creating a will or estate plan is equally as important to young people just as their elderly counterparts. As long as you earn an income and own some property, you should create a will and estate plan regardless of your age.
Myth #3: Estate Plans Only Protect Your Family
While wills are solely designed to be executed upon your demise for the benefit of those you cared for, estate plans can protect both you and your family. Unlike a will, an estate plan can be executed in the event that you are unable to make critical decisions on your own, say due to mental illness. The person that you elected to make decisions on your behalf in case of such an occurrence will act on your behalf when the need arises.
If any of these three myths have been stopping you from setting up a will or estate plan, you should no longer let it hold you back. Death is a fact of life and preparing a will or estate plan will help you prepare for it in the best way possible. Feel free to contact a will and estate planning lawyer at a firm like CJM Lawyers near you if you need help with creating your will or estate plan.
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