4 Myths About Wills and Trusts

Estate planning means preparing for possible incapacity and inevitable death.  An estate plan can include many different types of documents, including wills and trusts.  The variety of tools available will allow for a customized and comprehensive estate plan.  There are many benefits to estate planning and there are some myths as well. Here we will dispel 4 common myths about wills and trusts. MYTH #1:  Trusts are only for the rich and elderly One common misconception is that, if you are young and not too wealthy, you don t really need a trust.  The truth is, everyone has an estate, regardless of wealth, so almost everyone needs a trust.  Your estate is made up of your personal property, bank accounts, retirement accounts, life insurance policies, and real estate.  All of these possessions can be disposed of through a trust.  If you don t have a trust or will, on the other hand, the probate court will decide who get your property after your death.  Even with a will, most est


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