“IT’S JUST FOR THE RICH!”
And Other Estate Planning Myths by
Cook Martin Poulson, P.C.
“It’s Just For The Rich!”
The legal nature and complexity of estate
planning lead majority of Americans to
believe that estate planning is only for those
who can afford it: the rich and the A-Listers.
But, it’s important for everyone!
Here are other misconceptions you need to
ward off before they prevent you from
making one of biggest and most important
decisions of your life.
“Relax, I’m Too Young!”
You will never know when you’ll need
a sound estate plan, and by then, it’s
going to be late. It’s necessary to take
some measures, even if they’re in
As an advanced directive, a health care
power of attorney and living will can
be of great help in case you’re attached
to a life support device or in other end-
“If I Pass on Without a Will, the
Government will Seize My Assets”
This myth is highly damaging.
In case you die without any will or
supporting legal instruments, each state
will apply a special rule called “Rule of
intestacy”. If you don’t have a clear will,
the state will determine who your assets
should go to.
“Probate Is Costly”
Probate is a legal instrument that serves as a first step in administering your
estate for when the inevitable happens to you.
Probates have a price that comes in the form of lawyer’s fees, filing fees, and
other costs of miscellany. But sometimes, the price of the entire estate
outweighs the price of a probate, so it’s always worth it to have it.
“I Need A Lawyer To Draft My Will”
This is not applicable to all
If you think your estate is sizable
enough, you can draft your
documents and have them signed
by legal experts. It may cost little
to nothing at all. But it is still wise
to get a lawyer to make sure what
you’ve drafted is legally binding