Weekend Reading: Debunking the Top 10 Estate Planning Myths
This article appears as part of Casey Weade's Weekend Reading for Retirees series. Every Friday, Casey highlights four hand-picked articles on trending retirement topics and delivers them straight to your email inbox. Get on the list here.
You need an estate plan. Regardless of your net worth or financial situation, an estate plan provides peace of mind that your assets will be distributed according to your wishes upon your passing.READ THE ARTICLE
In that light, four of the ten estate planning myths featured here include:
📌 Estate planning is only for the wealthy: Everyone needs a plan to provide direction for the plethora of issues that could arise when you are unable to lend a say in real time.
📌 If you have a will, you will avoid probate: A will does not necessarily avoid probate, but other estate planning documents such as funded trusts can help avoid it.
📌 A will decides who inherits your IRA: The beneficiary form on your IRA, life insurance and retirement accounts dictates who inherits money. Your will does not control “annuities, payable on death accounts, and transfer on death accounts and affidavits.”
📌 A will or trust are the only estate planning documents you need: Among other crucial documents, you also need a financial power of attorney, a health care power of attorney and a living will declaration.
Whether you’re rich or poor, married or single, have children or not, you can still benefit from a proper estate plan.