Common Misconceptions About Estate Planning
“I don’t need an estate plan because I don’t have many assets.”
Estate planning is not just for the wealthy. Anyone with property, children, or healthcare preferences needs an estate plan to ensure their wishes are followed.
“I’m too young to worry about estate planning.”
Unexpected events can happen at any time. Having an estate plan, even at a young age, ensures that your loved ones are protected, and your affairs are in order.
“Once I create my estate plan, I’m done.”
Estate planning is not a one-time event. It’s important to review and update your plan regularly, especially after major life changes such as marriage, divorce, or the birth of a child.
Steps to Start Your Estate Plan
Take Inventory of Your Assets. This includes everything from real estate, bank accounts, investments, retirement accounts, and personal possessions.
Decide on Your Beneficiaries. Determine who will inherit your assets and in what proportions.
Choose Your Executors and Trustees. Select individuals you trust to manage your estate and ensure your wishes are carried out.
Appoint Guardians for Minor Children. If you have children, it’s crucial to designate guardians who will care for them in your absence.
The best thing you can do is just get started. We can help. Give us a call today at (605) 275-5665 to talk with an attorney. We offer free initial meetings.
