What does it really take to build a lasting legacy? While estate planning is one of the most impactful steps you can take to provide for your family and your favorite causes, a few persistent myths often get in the way. To help you plan with clarity and confidence, here are five estate planning myths, debunked!
Myth #1: Estate planning is only for wealthy people.
Reality: Estate planning is about much more than money. Estate planning helps people decide what happens to their assets, who can make decisions on their behalf if they become incapacitated, and how they want to provide for the people and causes they care about. Even people with modest assets may need wills, powers of attorney, health care directives, and updated beneficiary designations.
Myth #2: Once I have a will, my estate plan is complete.
Reality: A will is important, but it may be only one piece of the puzzle. Many assets, including retirement accounts and life insurance policies, can pass directly to named beneficiaries rather than through a will. Powers of attorney and health care documents address decisions a person may need to make during their lifetime. An effective estate plan coordinates these different pieces.
Myth #3: I don't need to review my estate plan unless something major changes.
Reality: Estate plans benefit from periodic reviews. Marriage, divorce, births, deaths, changes in financial circumstances, and changes in the law can all affect an estate plan. Even without a major life event, beneficiary designations and other documents may become outdated.
Myth #4: My family already knows what I want, so I don't need to put everything in writing.
Reality: Conversations are important, but they don't replace properly prepared legal documents. Family members may remember or interpret someone's wishes differently. Written estate planning documents help establish legal authority, clarify intentions, and reduce uncertainty.
Myth #5: I have to choose between leaving something to my family and supporting the charities I love.
Reality: Family priorities and charitable goals can often work together. Estate planning can provide for loved ones while also including charitable gifts. Depending on the circumstances, people may leave a specific dollar amount, a percentage of an estate, or certain assets to charity. People can also name charitable organizations as beneficiaries of eligible retirement accounts and other assets.
Want to include Edinboro in your estate planning? Contact Jon Pulice at jpulice@pennwest.edu or 814-732-1763. Learn more at https://www.edinborofoundation.org/ways-to-give/planned-giving