Surveys from Caring.com and Ameriprise Financial in 2024 reveal a troubling trend: only 32% of Americans have a will (down 6% from 2023), and 52% of couples lack estate plans. These numbers show a gap between recognizing the importance of estate planning and acting. Let’s explore the misconceptions and their serious consequences.
Myth 1: “I don’t have enough assets to need an estate plan.”
This dangerously narrow thinking ignores that estate planning isn’t just about financial wealth. It’s about acting for the people you love so you don’t leave a mess for them to clean up in the long run. Without a Family Wealth Planning Session, those you love can face court proceedings, unnecessary taxes, and the inability to access your finances. This causes serious issues when bills must be paid.
It’s also about:
- Ensuring what you DO have goes to the people you want and stay out of the court process.
- Your children being raised by people you choose.
- Your wishes for your medical care are honored if you become incapacitated.
- Only people you trust can manage your finances if you can’t manage your finances yourself.
- Leaving your loved ones with your valuable assets – your values, insights, stories and love.
A Family Wealth Planning Session clarifies your intentions, reducing conflicts and ensuring your resources create a better future for your loved ones. An estate plan saves time, money, and stress by organizing your assets and keeping your family out of court and conflict. Estate planning isn’t just for the wealthy, it’s for anyone with things and that have people that matter. IF THAT’S YOU, LET’S TALK!
Myth 2: “My spouse and I trust each other completely.”
Ameriprise’s survey shows 95% of couples trust each other with finances, and 91% share financial values. However, trust alone doesn’t prevent legal complications. Without a Family Wealth Planning Session, a surviving spouse may face probate, higher taxes, and restricted account access, potentially depleting assets. Remarriage adds further risk—assets might unintentionally go to a new spouse, disinheriting children and disrupting financial plans for loved ones.
Myth 3: “Estate planning is too expensive.”
Many believe estate planning is a luxury for the wealthy but avoiding it due to cost can burden your loved ones with probate, taxes, and disputes that drain your estate and create stress. These costs far outweigh the upfront investment of planning. A Family Wealth Plan ensures your wishes are honored, your loved ones are cared for, and conflicts are minimized, providing invaluable peace of mind and avoiding long-term emotional and financial strain.
Myth 4: “I don’t need to worry about who would raise my kids.”
Many parents assume loved ones will naturally care for their children if they pass away. However, without a Kids Protection PlanⓇ, a judge will decide who raises them—potentially someone whose values differ from yours. Even naming guardians in a will often involves mistakes without proper guidance. As a Personal Family Lawyer®, I ensure your plan avoids these pitfalls. Additionally, without allocating funds for your children’s care, guardians may face financial strain or decline the role, leaving the court to decide. Our planning removes financial burdens and ensures your children receive the care and stability they need.
Act Now to Protect the People You Love
I’ve seen too many people suffer negative, yet unnecessary, consequences after a loved one dies. And if you haven’t experienced it yourself, chances are you probably will. But with the proper education, beginning with correcting these dangerous myths about estate planning, I believe we can break the cycle of strife.
As a Personal Family Lawyer® firm, I start with education so you are clear on what would happen to your loved ones and your assets if you become incapacitated and when you die. Then we will work together to create a plan that aligns with your values, your goals, your loved ones, and most importantly, that works when you need it to.
This article is a service of Jason R. Breit, Esq., a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, during which you will get more organized than you’ve ever been before and make all the best choices for those you love. You can begin by calling our office today to schedule at 516-391-0389.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
