Southwestern Michigan Estate Planning Council - Quallity Estate Planning

 
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Common Estate Planning Myths

Following these myths can interfere with a prudent estate plan and be costly to you and your heirs.

 
Myth 1: Everybody needs a trust.
Myth 2: All assets should be in a trust.
Myth 3: A trust is required to eliminate estate taxes.
Myth 4: Joint ownership is always appropriate.
Myth 5: You can do it on your own and save money with a "do-it-yourself" kit.
Myth 6: Estate Planning can be a one-time deal.
Myth 7: Estate Planning is only for the rich or elderly.
Myth 8: Everyone must be concerned about estate taxes.
Myth 9: Avoid probate at all cost.
Myth 10: Having a will avoids probate.
Myth 11: If you don't have a will, the government will get it all.