April 16, 2019 | Share
5 Myths About Estate Planning in Texas
Do you need an estate plan if you are single? What if you are in your 20s or 30s? Is it okay to buy an estate plan online? These are all common questions about estate planning; and, unfortunately, there is a lot of misinformation out there. Here is the truth behind five common myths about estate planning in Texas:
Myth #1: You Don’t Need an Estate Plan if You are Single
The truth is that single people have just as much reason – if not more – to prepare estate plans as spouses and life partners. If you get injured or sick and are unable to manage your finances or communicate with your doctor, your estate plan will provide guidance and dictate who can make decisions on your behalf. When you die, your estate plan will mitigate any potential tax liability while ensuring that the assets you leave behind go to the individual(s) of your choosing.
Myth #2: You Don’t Need an Estate Plan if You are in Your 20s or 30s (Especially if You Don’t Have Children)
Accidents and unexpected illnesses can – and do – happen. If something were to happen to you, who would take care of you, and how would your loved ones know where to find your assets (including your brokerage accounts, online savings accounts, cryptocurrency wallets, and other digital assets)? Estate planning serves a number of critical purposes regardless of your age.
Myth #3: It is Easy and Cost-Effective to Buy an Estate Plan Online
For most people, buying an estate plan online is a mistake. Not only are these minimally-customizable plans often non-compliant with state-specific requirements, but they also rarely provide the protections and outcomes that people truly desire. If your estate plan is not legally-enforceable (or raises serious questions about its enforceability) and does not truly reflect your final wishes, it may end up doing more harm than good.
Myth #4: You Cannot (or Should Not) Modify Your Estate Plan
You can always modify your estate plan, as long as you are legally competent to do so (i.e. you have not being diagnosed with an incapacitating illness or injury). While you should try to think ahead to the extent that you can, if and when circumstances (or your final wishes) change, you can update your estate plan accordingly.
Myth #5: Hiring an Estate Planning Lawyer is Expensive
While hiring an estate planning lawyer can be somewhat of an investment if you have a sizeable estate and complex estate planning goals (such as establishing multiple types of trusts or leaving a substantial gift to charity), for most people, hiring a lawyer is very affordable. When you factor in the savings you can achieve in terms of avoiding unnecessary taxes and protecting your loved ones from contentious (and expensive) estate-related disputes, hiring an attorney is usually well worth the modest cost involved.
Schedule an Initial Estate Planning Consultation at Nordhaus & Nordhaus, PC
If you live in the McKinney, TX area and would like more information about the benefits of estate planning, we encourage you to speak with one of our lawyers about your personal needs. To schedule a free, no-obligation consultation, call us at 214-726-1450 or request an appointment online today.
Categories: Estate Planning