Debunking Estate Myths
While working in the field of estate administration, you hear a lot of varying myths and misconceptions around Estate Planning, Wills, and Probate. Since death and everything to do with it is a difficult conversation topic, it’s not surprising that many people don’t know the reality. However, we should all know the basics and be able to differentiate the myths from the facts. Have no fear, this blog is here to debunk some of the common estate misconceptions!
MYTH: I’m too young, and don’t have enough assets to worry about.
FACT: You should have plans set in place for your estate no matter your age or the value of your assets. Death is inevitable and could happen at any time, it doesn’t always wait for you to age unfortunately. Estate planning is done to ensure that your finances are taken care of if you’re incapacitated, decisions about your healthcare are carried out the way you wish for them to be if you are unable to speak for yourself, and that your children and family are taken care of in the way you choose. To sum it up – do your estate planning!
MYTH: I made my Will years ago…. I’m covered.
FACT: You should be updating your documents often as your life changes. Do you have any new family members such as children or grandchildren? Have you been married or divorced? Who have you named as you executor and are they still willing to take on the role? As your life changes, so should your estate plans to avoid complications down the road.
MYTH: The person that I name as executor cannot also be a beneficiary.
FACT: The person who you have chosen to name as your executor can absolutely be named as a beneficiary in the estate as well!
MYTH: I don’t have any digital assets to worry about or plan for.
FACT: Almost everyone has a digital presence nowadays. Things you should consider are email accounts, online banking, any online subscriptions, social media accounts, online storage, bitcoin and other online currencies, and domain names to only list a few. Your executor should know how to access these assets and what you wish to happen to them such as deleting or memorializing certain accounts.
MYTH: My debts will die with me.
FACT: As nice as it would be, debts do not magically disappear at death. Your estate will need to repay all debts before being able to distribute the residue to the named beneficiaries.
MYTH: My oldest child should be named executor.
FACT: You are able to name whoever you want in your Will to act as your executor, it doesn’t need to be a child, or relative even! However, you will want to ensure you are choosing someone who is responsible, has the time and resources, and is organized. Even more importantly, you will need to discuss this with the person you are naming and ensure they know your wishes in depth and where to locate everything that will be needed when the time comes.
These are only a few common misconceptions surrounding the estate industry. We hope this breakdown was able to provide some insight and clarity. If you have any questions or would like to book a free phone consultation, contact us today to ease life after death.
This blog is not intended to be legal advice and should not be relied on as such. If you require legal advice, please contact a legal professional concerning your particular circumstances.