Common Misconceptions about Estate Planning

  1. I don’t have an “estate” that needs planning.

  2. My spouse can automatically handle my affairs if I become incapacitated or die.

  3. I have a will so everything is taken care of when I die OR all I need is a simple will.

  4. I have one or more of my children’s names on all my accounts, so nothing will have to go to probate.

  5. My family knows my wishes and will do the right thing when the time comes.

  6. Everyone in my family gets along and there won’t be any fights or disagreements if I become incapacitated or pass away.

  7. I can get “forms” on the internet  and get everything taken care of OR any attorney can prepare these “forms” for me.

  8. Medicare will pay for my long-term care.

  9. I have too many assets to qualify for governmental benefits so I will just have to spend all of my assets if I need in-home care, assisted living, or care in a skilled nursing facility.

  10. I don’t need to worry about this yet – I will take care of everything if I get sick.

 

When it comes to estate planning, the old adage is definitely true:

failing to plan = planning to fail