An Estate Planning Blog for Middle Tennesseans


Four Common Myths about Estate Planning

Posted by Jim Foster | Oct 15, 2020 | 0 Comments

Elderly white woman wearing glasses and a red and yellow hat. She's looking directly in the camera over her glasses with a concerned look.

Myth 1:  

My spouse can make all of my healthcare and financial decisions because he/she is my spouse.


This is not always the case.  To make sure your spouse can indeed make important decisions on your behalf, you should sign a financial and health care power of attorney and an advance health care directive.

Myth 2:  

I've told my family how I want my affairs handled after I die.  They'll divide everything the way I want it divided.


Informal discussions about your affairs have no legal enforceability.  Even if your immediate family does carry out your wishes, if there is a remarriage or divorce, for instance, your estate could end up in the hands of people you never intended to be beneficiaries.  A properly executed will and other estate planning documents are the only way you can ensure your estate ends up where you want it to go.

Myth 3:  

I signed a will before, so I don't need to do it again.


An old will may not reflect your current goals.  You or your children may have married or remarried.  Your property holdings may have changed.  A trust may now be the preferred method to safeguard your legacy because of changes in your circumstances and needs.  The only way to know for sure is to have a comprehensive estate plan review.

Myth 4:  

I am not wealthy enough to need an estate plan.


Almost everyone will benefit from estate planning, which addresses non-wealth aspects of your legacy along with the financial aspects.  Estate planning can ensure someone you trust will care for your children and pets after your death, and make sure treasured family heirlooms end up where you want them to go.  Estate planning also can help you pass along your values.

We Have the Tools to Help You Evaluate Your Options

Contact our office today to schedule your appointment.  We are here to help you decide what types of estate planning are best for you.


Posted by Jim Foster

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