5 Unfortunate Estate Planning Myths You Probably Believe
Estate planning should be a fairly straightforward exercise in taking stock of what has been accumulated and making sensible determinations as to how best to leave a lifetime’s legacy in good hands.
We all know the reality is often different, and it is easy to understand why — misconceptions, often based on emotions, arise and get in the way. These emotions — whether they be the pressure of time or the perceived need to be fair and equitable — are what cloud rational decision-making just when it is most needed.
In my practice, I have found that reactive decisions seldom work as well as decisions based on strategies set in place over time. Below I address these and some of the other most common misconceptions that get in the way when setting up an estate plan or making alterations when life changes occur.