Blog 5 Myths of Estate PlanningOctober 01, 2023
Estate planning, often perceived as a daunting task, is crucial for securing your family’s future and assets. At Three60, we believe estate planning is essential, and aim to debunk the 5 most common myths.
Myth 1: “It’s Only for the Wealthy“
Estate planning isn’t exclusive to the wealthy. Everyone, regardless of income and net worth, should create a plan. This ensures your wishes are followed, prevents family disputes, and minimizes tax liabilities.
Myth 2: “I’m Too Young”
No one is too young for estate planning. Accidents and illnesses can happen at any age. Having a plan in place ensures your loved ones are cared for, even if the unexpected occurs.
Myth 4: “Estate Planning is Static”
Your estate plan should evolve with your life changes, such as marriage, divorce, birth of children, or the sale of a business. Regular updates are essential to keep it relevant.
Myth 5: “My Spouse Will Get Everything”
If you die without a will, your estate will be distributed according to the intestacy laws which vary by province. Minor and adult children may have a right to claim against your property.
In conclusion, it is a comprehensive process that benefits everyone. Don’t let these myths deter you from safeguarding your legacy and loved ones’ future. Consult with professionals at Three60 to create a personalized estate plan tailored to your needs.
Authored by: Jason Nagel, Director of Advanced Planning at Three60 Wealth