The Truth About Estate Planning Myths (and How They Put Your Loved Ones at Risk)
When it comes to estate planning, too many people believe they can “figure it out later.” But the reality is, waiting can leave your loved ones facing unnecessary stress, financial burdens, or even legal battles.
Unfortunately, estate planning myths stop many people from taking action. Let’s break down four of the most common misconceptions—and why it’s so important to plan now to protect the people you love most.
Myth #1:
"I don’t have enough assets to need an estate plan."
Estate planning isn’t just for the wealthy. It’s about making life easier for the people you care about and ensuring your wishes are honored—whether it’s about your finances, your medical care, or even who raises your kids.
Without a plan, your family could face:
Lengthy court proceedings.
Delays accessing bank accounts or paying bills.
Conflicts over who should make decisions or receive your belongings.
And estate planning is about more than just money. It’s about ensuring:
Your children are raised by someone you trust.
Your medical care aligns with your values if you’re unable to make decisions.
Your family has clear guidance on your wishes and avoids unnecessary disputes.
Bottom line: if you have people you care about—or things that matter to you—estate planning is for you.
Myth #2:
"My spouse and I trust each other completely."
Trust is important, but it’s not enough to avoid complications if something happens to you or your spouse.
For example:
Without a plan, your spouse might face probate court, delays accessing accounts, or unnecessary taxes.
If both of you pass away simultaneously, the court decides who raises your children, which could lead to outcomes you wouldn’t have wanted.
A remarriage by the surviving spouse could unintentionally leave your children disinherited.
Even the most trusting relationships need a clear plan to protect your loved ones—and avoid unintended consequences.
Myth #3:
"Estate planning is too expensive."
The truth? Not planning will cost your loved ones far more.
Without an estate plan, your family could face:
Court fees and legal expenses.
Taxes that reduce the inheritance you intended to leave.
Financial and emotional stress during an already difficult time.
By creating a Life & Legacy Plan now, you save your family from these burdens—and gain peace of mind knowing everything is handled.
Myth #4:
"I don’t need to worry about who will raise my kids."
Many parents assume that loved ones will step in if something happens to them, but it’s not that simple. Without a legal guardianship plan, the court decides who will raise your children.
This could result in:
Someone you wouldn’t have chosen becoming the guardian.
A stranger deciding what’s best for your kids.
Financial struggles for the person who steps up, if resources aren’t allocated properly.
A comprehensive plan ensures your kids are cared for by someone you trust, with the financial support they need to thrive.
Protect the People You Love Today.
Estate planning isn’t just about documents—it’s about giving your family clarity, support, and peace of mind.
Through our Life & Legacy Planning® process, we’ll help you create a plan that reflects your values, protects your loved ones, and ensures your wishes are honored.
Book a call today to get started. Let’s make sure your family is prepared—no matter what the future holds.
This article is a service of Starsia Law, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.