Estate planning is the process that ensures your wishes for everything from your end-of-life care to the way that you want your assets distributed after your death is respected. It’s a complicated process and many people don’t understand the laws that revolve around the matter.
As such, you may be misinformed about your estate planning options. Here are several common myths about estate planning debunked:
Myth 1: You can’t remove heir
Truth: You may have included a loved one in your estate plan with good conscience. However, perhaps the beneficiary left your relationship on bad terms and it caused a falling out. You’ve since reconsidered whether they should be included in your estate plan.
You may be worried that you can’t disinherit someone. However, it is entirely legal to disinherit someone from a trust or will. You could even include a disinheritance clause into an estate plan that explicitly states in a type of legal language that someone was disinherited or omitted.
Myth 2: You can’t update an estate plan
Truth: You may have made an estate plan a few years ago. Since then, you may have invested in more assets or experienced major life changes. As a result, you’re considering altering your estate plan. But, can you?
Not only can you update an estate plan but it’s recommended to make alterations every couple of years. Some people update their estate plans after going through marriage or divorce or having children.
Myth 3: You can’t make an estate plan until you’re older
When people think of estate planning, they often think of its only of practical use when someone gets older. They’ll use it to itemize their assets and name beneficiaries in anticipation of their passing, which could come about at any time.
However, estate planning has many uses while you’re still young. For example, you could use it to name a power of attorney who could help make business transactions on your behalf. Or, you could name a child guardian in the event of a fatal accident.
If you’re confused about estate planning, don’t worry, you’re not alone. Many people reach out for legal help when drafting an estate plan. Having someone who understands estate planning laws can ensure you know all of your options.