You’ve most likely worked hard for all that you possess. As well as bringing joy to your own life and immediate family, much of what you worked for is probably intended to benefit your children and grandchildren. Parents are often motivated to ensure that their kids don’t have to struggle in the same way that they have.
The factors above make estate planning crucially important, yet so many still choose to put it off. Hesitancy over estate planning often stems from misinformation. It is important to counter estate planning misconceptions so that people can make informed decisions about their future. Outlined below are some of the more common estate planning myths that can get in the way.
I’m not wealthy so I don’t need a will
While you may not have acquired billions of dollars or a vast property portfolio, as an adult, you will have some possessions worthy of consideration. Do you have collectibles that you’d like to pass down to future generations? Have you just purchased a new car or first home? These are all items that are worth protecting through your estate plan. Wills, trusts and other estate planning instruments allow you to make sure that both your kids and their kids obtain the inheritance you had intended for them.
It’s not worth the effort
Many people are put off by the perceived complexity of estate planning. Yes, there are various factors that need to be considered, but with the appropriate guidance, estate planning can be straightforward and tailored perfectly to your needs.
Very few people regret making estate plans but many would regret seeing their loved ones going without because they put it off. As you make your plans for the future, remember that you have a host of legal protections in Virginia.