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Blog 5 Myths of Estate Planning

October 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 3: “A Will Covers Everything”
While a will is crucial, it may not address all your needs. Trusts, healthcare directives, and powers of attorney are equally vital components of estate planning.

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.

For a truly different financial planning experience, contact our office online or at 403-640-4414 to schedule an introduction meeting.

Authored by: Jason Nagel, Director of Advanced Planning at Three60 Wealth