Our readers in Arizona may have seen a previous post here that discussed why some people put off the important task of estate planning. Another important topic is how “myths” and misconceptions about the estate planning process can also lead some Arizona residents to delay, or outright ignore, the crucial nature of estate planning.
Common estate planning myths
A recent news article explored some of the most common myths about estate planning, starting with the idea that some people simply think that they are too young to worry about estate planning. Yes, we all commonly associate estate planning as a need for elderly people, but young people can benefit from estate planning as well – particularly young people who have minor children and who need to name a preferred guardian if anything happens.
Another common myth mentioned in the recent article is that some people might believe that if they don’t have a will at the time of their death, all of their assets will pass to the state. What actually occurs is that state law will take the place of any preferences that might have been stated in a will when it comes to how assets are distributed to heirs.
Lastly, another common myth discussed in the article was that some people believe that if they do have a will, then their estate will not need to go through the probate court process. However, while a will can help a probate court discern your wishes, and can certainly provide the executor of the estate with guidance, in most cases an estate plan that includes a will does, in fact, usually need to go through the probate process.