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Do you believe these estate planning myths?

On Behalf of | May 16, 2019 | Estate Planning

A substantial amount of misinformation is floating around regarding a number of topics. While some myths and falsehoods, like which celebs may be getting divorced, may have no major bearing on Colorado residents’ lives, some incorrect information could result in unnecessary difficulties for individuals or their families. For instance, there are certain misconceptions about estate planning that many people mistakenly believe.

One of the biggest myths regarding estate planning is that it is only needed by people who have a considerable amount of wealth. While it is true that individuals with high net worths can benefit from creating estate plans, it is not true that they are the only ones who can. Any adult can reap benefits from having an estate plan, and those benefits can range from ensuring that there are instructions in place for long-term care and for guardianship of minor children in the event that parents pass away.

Another myth that could cause serious problems is that individuals can create estate plans and never have to think about  them again. Because lives constantly change, estate plans need to reflect those changes. If parties do not periodically review and update their plans, the information could become outdated and, possibly, useless.

Though there is information regarding  estate planning available at almost anyone’s fingertips, it can be difficult to tell fact from general misinformation. Because of this potential problem, it is typically prudent for Colorado residents to gain professional help with their estate plans. Experienced attorneys can provide accurate information that pertains to specific circumstances for those interested.