Myths about estate planning

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Myths about estate planning

Everyone is scared of the word “Death”. We are so preoccupied with life that we fail to make plans for life after death. It would be awesome if we were immortal as the jellyfish, that way, there will be nothing like death.

However, death is one thing we can’t escape from. One day we will all close our eyes and never open them again. For this reason, it is important that you plan for life after your death. How do you make such plans? Quite simple. By preparing an estate plan before your demise.

If peradventure you don’t have a husband/ wife or a family in general, and you die without an estate plan, you’ll be causing a plethora of problems for your friends and those you love. Preparing an estate plan will ensure that your wishes regarding your properties is fulfilled. In order words, this plan will ensure that your properties gets to the right hands.

One reason why people fail to plan their estate is due to some misconception. Some believe that estate planning invites death probably because it is a plan made in preparation of one’s death. These misconceptions are numerous and this article will help in debunking misinformed myths about estate planning with reason.

Myths about estate preparation

Estate planning is for the rich

We listed this myth first because it is the most common of them all.  It is important you note that estate planning is for everyone, the rich and the poor. It doesn’t matter the value of your estate. If you fail to plan your estate, you won’t have a say over who inherits that precious asset of yours. It could be a painting, a sculpture, or anything that is of value to you. So you don’t necessarily have to be as wealthy as Warren Buffet, Elon Musk, or Bill Gates before you consider planning your estate.

I’m married, my assets will be transferred to my spouse

Here lies another common misconception. Of course, being married can make the transfer of your assets less difficult. But what if things change? Have you thought of a situation where your spouse decides to remarry? Or what if your spouse kicks the bucket?  This situations happen on a regular basis, which is why you ought to plan your estate to avoid certain misfortunes.

Being too young to plan an estate

Some adults believe that they are too you young to have an estate plan. They want to grow grey hair before they do the needful. What they fail to realize is that death can come knocking at any time. If death comes and you are yet to plan your estate, your family and loved ones will be the ones to suffer.

As soon as you clock the age of 18, you are already eligible to plan your estate. You can plan your estate at an early age and update it as you get older. The earlier, they say, the better.

You can plan your estate yourself

Estate preparation is not one of those DIY challenges. You will surely need the help of an expert if you want a top-notch estate plan. If you decide to plan it yourself, you could make certain mistakes that could jeopardize your estate plan. So be wise.

Who do you need to plan your estate?

Preparing an estate plan is one thing and preparing a “good” estate plan is another. The latter should be the primary aim of any estate owner. You may ask yourself, how do you prepare such an estate plan? It’s simple. Contact an estate planning attorney.

A competent  attorney can help you prepare an estate plan that mirrors your intentions. One that makes you live each day in confidence. A good attorney has the necessary resources needed to plan a top-notch estate plan. They also have the experience and expertise, something you are lacking when it comes to making an estate plan. In addition, they are good at debunking misinformed myths about estate planning with reason.

Ensure you contact us if you feel the need to plan your estate. Our Attorneys are one of the best out there. Remember, the earlier the better so don’t hesitate. Now is the time for estate planning, so plan your estate now!

DISCLAIMER: The information provided in this blog is for informational purposes only and should not be considered legal advice. The content of this blog may not reflect the most current legal developments. No attorney-client relationship is formed by reading this blog or contacting Morgan Legal Group PLLP.

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