Myth 1: I can create my own will without a lawyer.
This myth isn’t a myth at all, as there is no legal requirement for anyone to hire a lawyer when creating a will, trust, or any other type of estate planning document. There are some excellent resources available that can help you create your own documents, but even the most comprehensive and up-to-date resource will never be a substitute for qualified legal advice. If you create your own estate planning implements, always contact an attorney to have a qualified expert review them to make sure you didn’t miss anything or make a mistake.
Myth 2: I don’t need a plan because I’m too young/not wealthy enough.
If you are an adult living in the United States, you need an estate plan. It’s that simple. Even if your plan only covers what happens to you in the event of an emergency, estate plans address questions that only you can answer. If you don’t make a plan, those decisions will be left to someone else.
Myth 3: All I need to do is make a will.
A will is very useful, but it’s not all you need. A will only becomes effective after you die, and if, for example, you become incapacitated, it will not help you or your family at all. A good estate plan deals not only with what happens after you die, but also deals with emergency situations before then.