Myths about Estate Planning

Myths About Estate Planning

By Patricia Louise Nelson of Bend, OR

There are many myths circulating about estate planning. This article discusses a few of them.

The first myth we will cover today is that a will avoids probate.  This is the number one misconception my estate planning clients have. A lot of people think that having a will means you avoid probate. That is not the case. Probate is needed to implement a will. Unlike a revocable living trust, a will has no mechanism for implementing itself. It needs probate to carry out the terms of the will.

Another myth is that you don’t need an estate plan until you retire.  This is only true if you know for certain that you will live until you retire. If there is any chance you could die before you retire, you need an estate plan now.

The final myth we’ll cover in this article is that an online will is just as good as an attorney prepared estate plan.  Sadly, this is not true.  A lot of my work in probate is caused by unclear wills.  Many of my clients come to me for estate administration having saved hundreds of dollars by making their own will at home.  Unfortunately, many of those probate matters spend thousands of dollars “cleaning” up the provisions of the wills. Avoid that trap. Use an experienced estate planning attorney to draft your will.