Myth #1: I'm Too Young to Need an Estate Plan
Many people think estate planning is only for retirees or the wealthy. The truth is, life is unpredictable. If something happens to you, having a plan in place ensures your assets are distributed according to your wishes and that your loved ones are protected. Even a simple will, power of attorney, and healthcare directive can make a big difference.
Myth #2: A Will is Enough to Avoid Probate
A will is an essential part of your estate plan, but it doesn’t help you avoid probate. In Michigan as well as most states, assets passed through a will must go through the court-supervised probate process, which can be time-consuming and expensive. Setting up a trust, naming beneficiaries on financial accounts, and using other estate planning tools can help you bypass probate in its entirety.
Myth #3: My Family Knows What I Want
Even if you’ve discussed your wishes with your family, verbal agreements pertaining to asset distribution don’t hold up in court. Without a legally binding estate plan, your assets will be distributed according to state law—not necessarily how you intended. Formalizing your plan in writing ensures your wishes are honored and reduces the risk of family disputes.
Myth #4: If I Die Without a Will, Everything Goes to My Spouse
State intestacy laws determine who inherits your assets if you pass away without a will. In many cases, assets are split between a spouse and children, which may not be what you intended. The only way to ensure your assets go where you want is to have a legally valid estate plan in place.
Myth #5: Estate Planning Is Only About Money
Estate planning isn’t just about distributing assets—it’s about protecting your loved ones. A complete estate plan includes documents like a healthcare directive and a durable power of attorney, which allow someone you trust to make financial or medical decisions if you become incapacitated.
