You are going to die, so it is important to be prepared for it. However, do not be taken in by some common estate planning myths.
At some point in the future, you will pass away. That is an undeniable fact.
You might think that if you live long enough medical science will advance to the point people can live forever. The truth is, however, that current medical science is nowhere close to making that happen and it will not be for a long time, if ever.
So, now that you know the facts, it is important to make sure you are prepared and have an estate plan.
It is also important that you not be taken in by a couple of common estate planning myths as WSBT 22 discusses in "Special Report: Are you properly prepared for death?"
The first myth is that if you do not have an estate plan, then your family is doomed. All of your property will go to the government and your children will end up in foster care.
That simply is not the case.
Your property will go to your closest living relatives and the court will make sure your children receive proper care, which normally means they will live with a suitable relative. However, if you do not have an estate plan, then it is the government and not you who decides what happens to your property and children.
The second big myth is that you can get an effective estate plan by downloading a form from the Internet. Most of the time any money saved by downloading a form is lost due to problems that the form will later cost your estate.
There are no substitutes for an experienced estate planning attorney.
Reference: WSBT 22 (Nov. 14, 2016) "Special Report: Are you properly prepared for death?"
