Myth #1: Once I Create an Estate Plan, I'm Done
Your estate plan should evolve over time to account for significant changes in your life, such as births or deaths in your family, major shifts in your financial situation, new jobs or businesses, and more. An outdated estate plan can backfire, causing the confusion and chaos it was made to prevent. To ensure your plans are up to date, it’s important to review them with us every three to five years.
Myth #2: I'm Not Wealthy Enough to Need a Will or a Trust
No estate is too small to benefit from a plan. In fact, everyone technically has an estate plan—whether it’s formal and thought-out or just left up to the courts and the state to handle. No matter the overall value of your assets, a will or trust can help you pass them on to your loved ones with minimal stress after your passing. They can also be critical for dictating your medical care, handling custody and care of your children, and more.
Myth #3: Estate Planning is Only for Senior Citizens
When it comes to death, “it’s not if, but when.” Nobody knows when they will pass away, so refusing to plan for accidents or illnesses because of your youth leaves a lot up to chance. If you’re in your 20s, 30s, or 40s, we can help you plan for the worst and adjust for the best.
Myth #4: I Don't Have a Plan Because My Spouse Will Get Everything
While some states default to the surviving spouse as the beneficiary of an estate without a will, others require assets to be distributed to children or even distant relatives. If you want your estate to go to your spouse in its entirety, leaving the transfer up to the state can quickly undermine your wishes. Having an estate plan, especially in same-sex relationships, can ensure your spouse, receives everything you want them to, rather than the opposite.
Leaving it up to chance or leaving it up to state laws can put you in a situation where your spouse is left without everything that you would want them to have.
Myth #5: A Will Avoids Probate
Contrary to popular belief, having a will does not mean your estate won’t go through probate. Even well-drafted wills must go through probate, which can be a lengthy, expensive, public process that may pit your loved ones against each other. Having a trust-based estate plan is the only reliable way to avoid probate and the stress that comes with it.
Myth #6: DIY or Online Estate Plans are Sufficient
Drafting your own estate plan is generally not a good idea. Going it alone can give you a false sense of security while mistakes and errors remain, potentially forcing your loved ones to clean up the mess. Hiring an attorney now can help ensure your estate plan is crafted correctly the first time, saving you and your family time, money, and hassle.
Myth #7: Estate Planning is Too Expensive
Myth #8: I Am in Good Health and Don’t Need an Estate Plan
“Plan while you’re healthy — Not during the crisis. We say it all of the time: the worst time to plan is when you need it.”
Let Evans & Davis Help Champion Your Family’s Legacy
Estate planning often begins with a simple conversation about your goals, family, and priorities. Working with an attorney who focuses on estate planning helps ensure your plan is legally sound and tailored to your life, which is why you should hire an attorney instead of doing it yourself.
If you are ready to explore the benefits of having an estate plan or want to take the first step toward putting one in place, Evans & Davis is here to help. Our team focuses on long-term, relationship-driven planning designed to protect your family and your legacy.
To get started, call 866-708-2335 or complete our online form today.
