FIVE MINUTE READ

The Top 5 Myths About Estate Planning

Many aspects of the legal system can seem daunting, and so add estate planning into the mix and your procrastination radar starts beeping like crazy. Who wants to think about death and assets? Who should get what? Who can help me do this? How much am I willing to spend? How will I distribute everything? Relax and take a deep breath…we’ve got you covered at willing.com.

The site makes everything extremely easy—you can make changes and updates at your leisure, and the highest priced package is only $299, which includes documents to avoid probate (court). So knowing all of this, we wanted to debunk a few myths around estate planning, so you stop procrastinating and start planning. Remember that this is your legacy and the number one reason to create your estate plan is to make life easier on your loved ones after you pass. Talk about being selfless! With this in mind, read on…

  • Estate planning is only for rich people

So far from the truth. Michael Delgado, General Counsel for Willing, says: “If you are an adult, you need a will. Estate plans concern far more than just leaving money and property to loved ones. A complete estate plan includes planning for events before death (like what to do if you’re alive but unable to act for yourself) and events after death (including naming guardians for young children, distributing your property, and more).”

  • Wills are highly complicated documents

Maybe some of the legal jargon can read confusing, but the actual process is quite simple, and online software makes it even easier. There are three essential steps in estate planning: Client intake (understanding the client’s situation), understanding wishes, and then generating documents accordingly. Software does each of these things in much the same way as an attorney. So, follow the prompts, verbalize your wishes on paper and review your documents. Wham, bam and your done!

  • Wills avoid probate

If only this were true, but sadly there are other documents needed that will support your wishes and keep you out of court. Those are beneficiary designations, transfer on death deeds, (if available in your state) or a simple revocable living trust…all of which willing provides.

  • You need a lawyer to create an estate plan

For the the vast majority of people, an attorney will simply do the same things that software does. Delgado says, “The cases for which an attorney are necessary are somewhat rare — if you have a child with special needs, or if you have a high net worth (around $10 million) and are concerned about federal estate taxes. In these cases, an attorney can help you navigate special questions.”

  • Wills are only for old people

See myth no. 1!

Make sure to head to willing.com and start your plans today – it will take 30 minutes or less and the peace of mind and relief will last forever.