Many people wait too long to begin planning their estate. This is part of the reason there’s over $50 billion of unclaimed cash floating around the United States. Part of the reason people put off estate planning is because of its unpleasant association with dying. But there’s another reason – misconceptions about the process abound. Yes. People don’t plan their estate because some pre-conceived notion tells them not to bother. Here are three estate planning myths and why they’re wrong.
It’s only for the wealthy
Not all of us will die with millions of dollars in the bank, but all of us have assets that we worked hard to acquire. We own homes, have retirement plans, and invest in the stock market. Even if it’s not a fortune, no wants the fruits of their labor to end up in the hands of the state.
It’s only for the elderly
It’s an unfortunate fact of life that no one knows how long they’re going to live and dying without even a will leaves an enormous mess for your loved ones to clean up. Estate planning is a way of ensuring your interests are respected and your wishes honored in the event of your passing. Like life insurance, no one knows how long they have but going without a plan is far too risky.
I just need a will
Perhaps. But you don’t know for sure. Everyone’s situation is different and requires a tailored approach that prioritizes their unique objectives. A simple will may be insufficient, and your estate may be better governed by a different legal mechanism.
The best way to identify your unique estate planning needs is by meeting with an experienced estate planning lawyer. They have an in-depth understanding of New Jersey law and how the courts interpret language, allowing them to foresee potential issues before they arise.
