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Porter Ramsay Blog

What do many people misinterpret about estate planning?

On Behalf of | Jun 10, 2021 | Wills And Estates |

Knowledge and understanding of estate planning can vary greatly from person to person. Upon learning more about what is involved in estate planning, many people may find that they held some misconceptions about the purpose and process.

Here are a few of the things that adults most often get wrong about estate planning:

  • Who needs an estate plan: Some people mistakenly think that estate planning is only for older individuals or those who are wealthy. While estate planning can certainly benefit these populations, younger people or those with less assets can also find estate planning a very useful practice. In fact, those with fewer assets may find it even more important to make sure they are distributed effectively. Younger people may also have important issues, like the guardianship of minor children, to consider.
  • When estate planning matters: Another misconception is that the decisions made in estate planning only impact what happens after someone dies. In fact, much of the planning encompasses what will happen if an individual becomes incapacitated and needs someone else to make health or financial decisions for them. So, the choices made in estate planning can be absolutely consequential in life.
  • Who matters in estate planning: Estate planning decisions are undoubtedly individual; however, they can have a real impact on loved ones. How assets are distributed, what messages are left behind, and who takes on important jobs like executor can have significant consequences. Estate planning can help lessen conflict and strengthen families even in a grief-filled time.

In summary, estate plans can benefit a wide range of people. They can impact life even before death, and after death, they can have a profound impact on those left behind. British Columbia estate attorneys are professionals well-positioned to help people make estate plans that reflect their desires and align with provincial legal standards.