Estate planning is not something that people tend to think about in their day-to-day lives. However, there are many benefits to having an estate plan that spells out how assets are to be divided up when you die. When creating an estate plan, there are many things to consider. There are also a lot of misconceptions when it comes to estate planning. At the Thornton Law Firm, we want to debunk these myths. 
3 common myths about estate planning include:
- I’m too young to have an estate plan: Despite feelings of being young and invincible, things can change in the blink of an eye. A common misconception about estate planning is that people usually create one later in life when they are much older. In reality, people don’t need to be older to have an estate plan. If you have minor children, you will want an estate plan spelling out who you want to take care of them as well as a trust that can be funded so that there will be money for them. Creating an estate plan early in life is beneficial for the individual and the family.
- Only wealthy people have estate plans: While wealthy people may have more assets to divide up, not everyone needs to be wealthy to have an estate plan. Individuals may create estate plans for any assets they may have. Having an estate plan that lays out guidelines for the family is extremely helpful in the long run, regardless of what assets people may possess.
- My family will know how to divide up my assets: Many individuals want to trust their families to divide any assets up appropriately. However, some of the worst fights I’ve seen or heard about involve family members fighting over items from a loved one’s estate. The best thing to do to eliminate potential conflicts is to write out clearly in an estate plan what you want each person to receive. That way, your wishes will be followed by the family without any room for argument.
When creating an estate plan, be informed on what you should include in it. Having an estate plan is very beneficial to you and everyone in your life. If you’re ready to discuss an estate plan, Thornton Law Firm will be able to answer your questions. Get in touch with us today to get started.