Debunking Estate Planning Myths

Estate Planning Myths That Could Hurt Your Family

Estate plans are incredibly important tools that protect your wishes and help secure your future and the future of your family and loved ones. Unfortunately, there are many myths about estate planning that discourage people from taking this important step or from doing so correctly. Attorneys such as our friends at The J M Dickerson Law Firm know that clearing up these misconceptions is an important part of creating a strong estate plan.

Myth #1: “I’m Too Young To Need An Estate Plan.”

If you’re over 18, you need some form of an estate plan. Even if you don’t have kids or a mortgage, you should still have:

A will
A healthcare directive
A financial power of attorney

If something happens—an accident, a sudden illness—your loved ones won’t automatically have the legal authority to help you unless you’ve given it. Estate planning isn’t about age. It’s about being responsible for yourself and others.

Myth #2: “Everything Will Just Go To My Spouse.”

This may be true, but it may not be. It depends on:

The state you live in
How your assets are titled
Whether you have children from a previous relationship

In some states, your spouse could be required to share your estate with your parents or children, even if you were married 40 years.

If you want to be sure your spouse gets what you intend, put it in writing. Otherwise, you’re letting the state decide.

Myth #3: “I Don’t Have Enough Money To Need A Will.”

Estate planning isn’t just for people with sprawling mansions and six-figure stock portfolios. If you own anything—a car, a checking account, a photo collection—then you have an estate.

And even if your estate is modest, a will still:

Names who gets your possessions
Appoints someone to handle your affairs
Prevents confusion, delay, and fights

No estate is too small to deserve dignity and direction.

Myth #4: “I Already Told My Family What I Want.”

Expressing your wishes verbally is great. But telling them isn’t the same as legally empowering them.

Verbal wishes aren’t binding. They don’t stand up in court, and they can be forgotten, disputed, or misunderstood—especially during emotional times.

A written estate plan:

Speaks clearly, even when you can’t
Protects your family from second-guessing
Carries legal weight

Your voice matters. But your signature matters more.

Myth #5: “I Made A Will Years Ago—I’m Good.”

Wills should be updated regularly. If anything’s changed since you created your will—your assets, your relationships, your location, or the law—your plan might be out of date.

Common reasons to update include:

Marriage, divorce, or remarriage
New children or grandchildren
Buying or selling a home
Moving to a new state
Changes in your health
People you named (like executors or guardians) are no longer available

Your estate plan should grow with your life.

Myth #6: “I Don’t Need A Trust Unless I’m Rich.”

This common misconception about trusts is not true. Trusts aren’t just for the ultra-wealthy. They’re for people who:

Want to avoid probate
Own property in more than one state
Have blended families or complex dynamics
Have minor children or special needs beneficiaries
Want to keep their estate private

Even modest estates can benefit from a revocable living trust.

Myth #7: “Everything Is Jointly Owned, So It’ll Pass Automatically.”

Joint ownership can be helpful—but it’s not a magic solution. Here’s why:

It only works if the other owner outlives you.
It doesn’t protect against incapacity.
It can trigger gift tax issues if not structured carefully.
It doesn’t apply to retirement accounts, life insurance, or personal property.

Joint ownership also won’t solve problems if you want your estate to go to multiple people or split in specific ways.

Myth #8: “My Kids Will Figure It Out.”

Don’t put that burden on your kids. Estate planning is a gift. It’s a roadmap. It’s the difference between, “We’re not sure what Mom wanted,” and “We know exactly what to do.”

Let them grieve. Don’t make them guess.

Myth #9: “online Forms Are Just As Good As A Trust Lawyer.”

Estate planning is not the place for cookie-cutter templates. Online forms can:

Miss critical state-specific requirements
Fail to consider your full financial picture
Create legal contradictions with your existing documents
Result in invalid or incomplete plans

If you want peace of mind, talk to someone who can see the full picture—and help you paint it clearly.

Myth #10: “Estate Planning Is Only About Death.”

Estate planning is just as much about protecting you while you’re alive:

What if you’re hospitalized and can’t make decisions?
Who pays your bills if you’re in rehab for six months?
Who steps in to protect your children or pets?

Your plan should cover:

Medical directives
Powers of attorney
Guardianship designations
Incapacity planning

Sometimes the hardest part isn’t what happens after we die—but what happens if we can’t live the way we want to.

Replace The Myths With Meaning

Estate planning isn’t about fear—it’s about freedom. It’s not about controlling people—it’s about caring for them. It’s not just for “them”—it’s for you.

You’ve got a life worth protecting. Let’s make sure your plan is as strong, loving, and wise as the person it represents—you.