If there is one thing to learn from the crises and upheaval of the past few years, it is that nothing is certain. Nevertheless, the sad fact is that only a small percentage of people in Texas have an estate plan. Why is this so? For most people, creating an estate plan is not a complicated process, and the benefits are often immeasurable. Still, those who hold on to common estate planning myths might leave their loved ones without guidance or direction at an already difficult time.
Getting past misinformation
When someone dies, his or her loved ones have many decisions to make. Without a will or trust, family members may not agree on what the deceased person may have wanted, and this can lead to tension and strife. Despite this, the following myths often cause many to put off making an estate plan:
- They feel they do not have enough assets to justify writing a will.
- They believe their loved ones will know what to do with their estate.
- They are afraid it will be too expensive.
- They assume they will be mentally alert at the end of their lives.
- They refuse to admit they will die one day.
Unfortunately, many are too late in discovering that these beliefs are often false. For those who are confused or unclear about the benefits of creating an estate plan, it is wise to seek trustworthy answers to their questions. They can learn about the elements of a plan that will best suit their needs, and they can also understand how an estate plan can grow and change through all their life events.