Estate Planning - Fact or Fiction?
1. Estate planning is only for elderly.
FICTION: Estate planning is for any person 18 years and older.
2. Estate planning includes establishing long-term care for family members.
FACT: There are several documents such as a Living Trust, Living Will, and Last Will
and Testament that outline instructions for taking care of family members.
3. If you have a life insurance policy, you don’t need estate planning.
FICTION: While life insurance policies cover finances and powers of attorney,
they may not address the aspects of a living trust or other important documents in
case of health issues or death.
4. I don’t own any property or vehicles, so I don’t need an estate plan.
FICTION: Assets come in all shapes and sizes. Perhaps you own a stamp or doll
collection. Maybe you’re a member of a place of worship. You may want to sell
one of your collections, and donate the profits to that religious entity. Remember
the old saying, “One man’s trash is another man’s treasure.”
5. Estate planning makes me nervous. I think if I write my Will that I’ll die the next
FACT: Don’t get discouraged, many people become anxious about “the
unknown.” If you think of estate planning as financial planning instead of “the-
end-of-the-road-planning,” it may help ease your fears.