Estate Planning Myths That Could Leave Your Loved Ones in Trouble
The latest surveys are in, and the numbers don’t lie:
Only 32% of Americans have a will (down 6% from last year—yikes!).
Over half of couples—52%—don’t have an estate plan at all.
These stats show a serious disconnect between knowing estate planning is important and actually doing something about it. Spoiler alert: that gap can lead to some pretty devastating consequences for your loved ones.
Let’s unpack the myths keeping people stuck and talk about how to get ahead before it’s too late.
Myth 1: "I don’t have enough assets to need an estate plan."
Let’s bust this one right now: estate planning isn’t just about financial wealth—it’s about protecting your loved ones and ensuring your wishes are honored.
If you don’t have an Estate Plan (the kind of comprehensive planning I specialize in), your family could face:
Lengthy court battles
Unnecessary taxes
Trouble accessing accounts—a nightmare if bills need to be paid
Here’s what estate planning really does:
Ensures what you DO have goes to the people you love, exactly how you want.
Names guardians for your kids (not your in-laws by default).
Honors your medical wishes if you can’t make decisions for yourself.
Puts trusted people in charge of your finances if you’re unable.
Leaves your family not just your assets but also your values, stories, and love.
Plus, a solid plan minimizes family conflict. When everything’s clear and your wishes are known, there’s less room for misunderstandings or disputes. And let’s be real, keeping the peace is priceless.
Here’s the kicker: a great estate plan saves your family time, money, and stress by making sure they know exactly what you have, where it is, and what to do with it—all while avoiding court and conflict.
Estate planning isn’t just for the wealthy—it’s for anyone with things that matter and people they love. If that’s you and your plan is nonexistent or outdated, let’s talk.
Myth 2: "My spouse and I trust each other completely."
That’s sweet—and probably true! But trust doesn’t replace an Estate Plan when it comes to protecting your loved ones and your assets.
Here’s the reality:
Trust between spouses won’t prevent legal headaches. Without a plan, the surviving spouse could face lengthy probate, hefty taxes, and trouble accessing accounts.
If you both pass away simultaneously (especially with minor or blended-family kids involved), the mess left behind could be overwhelming.
And let’s talk about what happens if the surviving spouse remarries:
Without a plan, assets could accidentally go to the new spouse instead of your kids. In some cases, your children could even be disinherited entirely—not exactly what you’d hoped for, right?
Estate planning isn’t about whether you trust each other; it’s about protecting each other and ensuring your wishes are carried out no matter what.
Myth 3: "Estate planning is too expensive."
Let’s set the record straight: avoiding estate planning because of the cost can actually cost your loved ones more—a lot more—in the long run.
Without a plan, your family could face:
Costly probate proceedings
Unnecessary taxes
Legal battles that drain your estate and add stress during an already difficult time
The truth? These expenses often far outweigh the upfront investment of creating a solid estate plan.
But let’s not forget the biggest benefit: peace of mind.
An Estate Plan ensures:
Your wishes are honored
Your loved ones are cared for
Family conflicts are minimized
Think of it this way: planning ahead isn’t just a financial decision—it’s a compassionate gift for the people you love most.
Myth 4: "I don’t need to worry about who would raise my kids."
Let’s clear this up: assuming your loved ones will “naturally” step in to raise your kids if something happens is a risky gamble. Here’s the hard truth:
Without a Kids Protection PlanⓇ, a judge—a complete stranger—will decide who raises your kids. And that judge’s decision might not align with your wishes, values, or vision for your child’s future.
Even if you’ve named guardians in a will, most plans overlook the 6 common mistakes I see regularly when guardians are named without the right training or guidance. This can leave gaps that put your kids at risk. If you’ve already named guardians but want me to review your plan to ensure it’s rock solid, call my office.
But there’s more: without an Estate Plan, you could unintentionally place a financial burden on your chosen guardians. Even the most willing loved ones might decline guardianship if they can’t afford to care for your children, forcing the court to make an even tougher decision.
An Estate Plan not only ensures your kids are raised by the right people but also provides the financial resources needed to give them stability and care during an incredibly emotional time.
This isn’t just about legal documents—it’s about protecting your children and giving them the best possible future, no matter what.
Take Action to Protect the People You Love with Estate Planning
I’ve seen too many families deal with unnecessary drama and chaos after losing a loved one. If you haven’t experienced it yet, consider yourself lucky—but don’t wait for luck to run out. The good news? You can avoid it all with a little planning.
At 20West Legal, I believe estate planning starts with education. I’ll help you get clear on what would happen to your loved ones and your assets if you became incapacitated or passed away—because surprises are for birthday parties, not your family’s future.
Through my Planning Session we’ll work together to:
Align your plan with your values, goals, and family’s needs
Ensure your wishes are honored, your loved ones are cared for, and your assets are protected
Eliminate the guesswork and keep your family out of court and conflict
Once your plan is in place, you’ll sleep better knowing everything—and everyone—you care about is covered. Book a call with me today and let’s get your estate planning done right, Sudbury style. https://go.20westlegal.com/meeting-scheduler
This article is a service of 20WestLegal LLC. We don't just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love. That's why we offer a Planning Session, during which you will get more financially organized than you've ever been before and make all the best choices for the people you love. You can begin by calling our office in Sudbury, Massachusetts today to schedule an Estate Planning Session and mention this article to find out how to get this $750 session at no charge.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.