Top 5 Myths About Estate Planning – Busted
Trust Talk Tuesday | Newburg Law
Estate planning has a bit of a PR problem. Too often, it gets pushed to the back burner or brushed off as something only the wealthy or elderly need to worry about. But that couldn’t be further from the truth.
At Newburg Law, we hear the same misconceptions time and again—so let’s bust the top five myths about estate planning and set the record straight.
🧠 Myth #1: “I’m too young to need an estate plan.”
🚫 Busted: If you’re over 18, estate planning isn’t just important—it’s essential.
Even if you don’t have kids, a home, or major assets, you still need basic documents in place. Why? Because if you become incapacitated (due to an accident or illness), no one can automatically make decisions on your behalf—not even your parents or spouse—without legal documents.
A basic plan includes:
Durable Power of Attorney – allows someone you trust to manage your finances if you can’t.
Healthcare Power of Attorney – appoints someone to make medical decisions for you.
Living Will / Advance Directive – lays out your healthcare preferences in case you’re unable to speak for yourself.
Waiting until you're older could leave your family scrambling at the worst possible time.
💰 Myth #2: “Estate planning is only for wealthy people.”
🚫 Busted: Estate planning isn’t about how much you have—it’s about protecting what you care about.
You don’t need millions to need a plan. If you have:
Children
A car
A home or rental property
A bank account
Pets
Sentimental possessions
...then you have something worth protecting.
Plus, estate planning isn’t just about what you leave behind—it’s about who will make decisions if you can’t, and how you want things handled. The peace of mind it brings has nothing to do with your net worth.
📜 Myth #3: “A will is all I need.”
🚫 Busted: A will is a start—but not the full plan.
A will outlines who gets what after you die, but:
It doesn’t avoid probate, a public, time-consuming, and sometimes costly court process.
It doesn’t apply to everything—like your 401(k), life insurance, or jointly-owned property, which pass outside your will.
It doesn’t help while you're alive, such as during a medical emergency or incapacity.
A complete estate plan may include:
Revocable living trusts to manage assets and avoid probate.
Beneficiary designations to ensure your accounts pass to the right people.
Guardianship designations if you have minor children.
Power of attorney and healthcare directives for lifetime protection.
Think of a will as one tool in your toolbox—it works better with the full set.
⏳ Myth #4: “I’ll get to it later.”
🚫 Busted: Later is not a plan.
We get it—life is busy. But unexpected accidents and illnesses don’t wait for a convenient time. When there’s no estate plan in place, state law decides who gets what and who’s in charge, often with no regard for your wishes.
We've seen families:
Endure court battles over guardianship.
Lose access to needed funds during a crisis.
Face family conflict because nothing was documented.
Starting your estate plan now ensures your voice is heard—even if you’re not able to speak.
🔄 Myth #5: “Once I’ve signed, I’m done forever.”
🚫 Busted: Estate planning isn’t a one-and-done deal.
Think of your estate plan as a living document—it should evolve as your life changes. You should revisit your plan if you:
Get married or divorced
Have a child or adopt
Buy or sell a home
Move to another state
Experience a significant change in assets
Lose a loved one or named beneficiary
We recommend reviewing your plan every 3–5 years or after any major life event. An outdated plan can be just as risky as no plan at all.
✅ Bottom Line: Don’t Let Myths Delay Your Peace of Mind
Estate planning is for everyone—not just the old, wealthy, or sick. It’s about making sure the people you love are protected, your wishes are honored, and your legacy is preserved.
Whether you need a simple plan or something more advanced, we’re here to guide you through it. Let’s cut through the confusion and build a plan that fits your life.
📅 Schedule a consultation with Newburg Law today.
🛡️ Your Family. Your Future. Your Foundation.