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DAL Law Firm: 3 Common Estate Planning Myths

There is a lot of misinformation out there when it comes to estate planning. You may have heard that you do not need an estate plan unless you are super wealthy. Or maybe someone told you that having a Will means your family will not have to go through probate. Unfortunately, some of the most common things people believe about estate planning simply are not true. Let’s clear up a few of the big ones.

Myth 1: I Don’t Have Enough to Need an Estate Plan

You do not have to be wealthy to need an estate plan. Estate planning is not just about how much money you have. It is about making things easier for your family, avoiding unnecessary confusion, and making sure your wishes are followed. Think about what would happen if something happened to you tomorrow.

  • Who would handle your finances if you could not?
  • Who would make important decisions for you?
  • Who would receive your property when you die?
  • And if you have minor children, who would care for them?

These are estate planning questions, regardless of how much money you have in the bank.

Even if your biggest assets are your home, your retirement account, your vehicle, and your personal belongings, you still have decisions to make about what happens to those things. Estate planning is really about taking control of those decisions while you can. Without a plan, the law and the courts may determine what happens instead.

Myth 2: A Will Avoids Probate

This is probably one of the most common misunderstandings about estate planning. A Will does not avoid probate. In fact, a Will typically requires a probate.

When someone dies with a Will, the Will is presented to the court and the probate process is used to administer the estate. The Personal Representative named in the Will can then carry out the person’s instructions, subject to the probate process and applicable law.

So why have a Will? A Will is still an important estate planning document. It allows you to state who you want to receive certain property and can name the person you want to serve as your Personal Representative. A Will can also address guardianship wishes for minor children.

But if your primary goal is to avoid probate, simply having a Will is not enough. A Revocable Living Trust is one estate planning tool that may allow properly funded trust assets to pass to your beneficiaries without going through probate.

The important thing is understanding that a Will and a Trust serve different purposes.

Myth 3: Estate Planning Is Only for Older People

Estate planning is not something you have to wait until retirement to think about. Life can change quickly. You may buy a home, get married, have children, start a business, receive an inheritance, or experience another major life change. Each of these events can be a reason to review your estate plan.

Even if you are young and healthy, having a basic plan in place can give you peace of mind. The goal is not to plan because you expect something bad to happen. The goal is to make sure your wishes are known and your loved ones are not left trying to figure everything out for themselves.

Don’t Let a Myth Keep You From Planning

Estate planning can feel complicated, but it does not have to be.  The most important thing is to understand your options and create a plan that makes sense for your family and your circumstances.

If you have been putting off estate planning, give us a call or text and we’ll see if we can help you with your estate plan. Visit our YouTube channel for more discussions about estate planning: https://www.youtube.com/@dallawfirm

Contact us:

19803 1st Avenue S.
Suite 200
Normandy Park, WA 98148

T (206) 408-8158
F (206) 374-2810

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