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What are some misunderstandings about estate planning?

Do you ever think about what will happen to all your earthly belongings after you die? You may not dwell on it, but it is a good idea to at least give it some thought. Many people do this by creating an estate plan. However, not enough people are creating estate plans because they get caught up in misconceptions about why they should do it or when they should do it.

U.S. News and World Report explains one major misconception is that estate planning is only for older people. This is not true. Nobody knows how long they have to live. If you own any assets and especially if you have children, you need an estate plan to ensure your wishes get carried out if you die.

Another misconception is that a will is all you need. A will simply dictates what you want to be done with your assets and can provide directions concerning any minor children. However, it does not cover other wishes. It will not include a power of attorney or any health care directives. An estate plan offers you much more than a will and therefore is the best choice.

Some people believe an estate plan is set in stone and once it is written, it cannot be changed. This is also a misconception. You can change your estate plan as you please. In fact, it is a good idea to make changes as your life circumstances change.

You do not even have to have a lot of assets to have an estate plan. It can be as simple or complex as you need it to be. The bottom line is it is inclusive and allows you to really prepare for what happens after you are gone or in the event you become incapacitated. This information is for education and is not legal advice.

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