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Estate planning myths busted

| Oct 1, 2020 | Estate planning |

Many Tennessee residents don’t like the idea of putting together an estate plan. Going through the process forces an individual to both recognize and accept their own mortality. However, putting together an estate plan is a necessary process for anyone who wants to ensure their own wishes are fulfilled in the event of their own incapacitation or death. Here are three common myths about estate planning that every adult should know.

Children should receive everything

While there is absolutely nothing wrong with leaving the bulk of your estate to your children, you are not obligated to do so. Of course, if you choose to do so, that is your choice, but your estate is not something that is owed to your kids. Many estate planners take advantage of tax breaks to give generously to a charity that has been dear to them during their life.

Estates have to be equitable

If a person decides to leave every part of their estate to their children, or to any other group of beneficiaries, they often believe that they have to divide the contents evenly. The recipients of an estate are different people with different hopes, dreams and aspirations. That means that there is nothing that forces any testator to divide their estate evenly, no matter how closely related they are to their heirs.

It’s only for old people

Sadly, many young people fail to see the importance of a comprehensive estate plan, which can leave their loved ones in the dark should they pass away. Estate planning is a responsible task for adults of any age. Tragically, young people die every day, and their estates need to be as well-planned as anyone else’s.

An estate planning lawyer can help a client work through the details of building a will. An attorney can help you review your assets and make a plan that best fulfills your wishes.