Estate planning can feel scary and overwhelming. Often, we have preconceptions of what estate planning is and who it is for. But are those assumptions correct? Here are some of the top myths people believe about estate planning:
- I don’t have many assets, so estate planning isn’t for me.
No matter how much you have in your savings or how many assets you have, estate planning is not just for the wealthy. Something needs to happen with your assets after you pass and having a plan will ensure that you get to decide what that is. No matter the size of your estate, it’s important to know where it is going.
- I’m too young for estate planning.
Our world is unpredictable. No matter your age, the wisest thing to do is to have a legal plan in place in the event that you pass away. Having an estate plan not only will let you make the choices about your assets and helps ease the process for your family, you can also protect your loved ones by making sure they are taken care of.
- Everything will just go to my spouse, so I don’t need to do anything.
If you die without a will in Georgia, your assets will be split equally between your spouse and children by the courts, with your spouse receiving no less than one-third of the estate. Of course, If you have no children, it will all go to your spouse and vice versa. Even though Georgia does have these laws in place, estate planning is still important. Creating a legal plan for your estate means that you get to decide exactly what happens and who gets what. It also means that you can make the process easier for your loved ones after you are gone and help avoid potential conflicts.
- I don’t know what I want to do with my assets, so I shouldn’t create an estate plan.
It’s rare that people know exactly how to make an plan or what they want to happen with their assets before they start estate planning, but that’s why you should start. If you have questions, bring them to a professional. Your lawyer will help you know what questions to ask and what your options are. Estate planning is also not a one-time process, so you can always go back and make changes. If you don’t know what to do with your assets, now is the time to start a conversation.