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3 common myths about estate planning

Ben Franklin wrote that only two things are certain in this world — death and taxes. Both events require important planning, even if you want to avoid thinking about them.

Since you file taxes every year, you can’t really dodge them. However, people often delay creating an estate plan because they don’t fully understand how it works. Here are three common misconceptions people have about this process.

Myth #1: I can wait until Im older

Besides not having a plan at all, the biggest mistake you can make is waiting too long to create one. Unfortunate events happen every day, so it is never too late to start planning for the worst. Don’t procrastinate about something as important as your family’s future. Designating beneficiaries for your finances and assets will make it much easier for your loved ones in the event of an unexpected death.

Myth #2: I wont be able to change it

Setting up an estate plan does not mean you are setting it in stone. Changes to your financial and family situation will have impacts on your life, so they should be reflected in your estate plan. An experienced professional can help you make necessary changes to your living will or family trust.

Myth #3: Its too complicated

It can feel daunting thinking about setting up a will, especially if you have a complicated financial situation. However, seasoned attorneys have experience organizing even the most complex portfolios. It can take only a few meetings to turn your situation into a straightforward plan.

The sooner you start planning for the future, the better you will feel about it. Give yourself greater peace of mind tomorrow by developing an estate plan today.

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