It is always a good idea to plan ahead with no exceptions.
We all know it will happen to us someday but some attempt to ignore the fact that passing away is a reality. However, don’t let some common estate planning myths fool you as discussed by WSBT 22 in "Special Report: Are you properly prepared for death?"
The first myth is that if you do not have an estate plan, then your family is doomed. All of your property will go to the government and your children will end up in foster care.
That simply is not the case.
Your property will go to your closest living relatives and the court will make sure your children receive proper care, which normally means they will live with a suitable relative. However, if you do not have an estate plan, then it is the government and not you who decides what happens to your property and children.
The second big myth is that you can get an effective estate plan by downloading a form from the Internet. Most of the time any money saved by downloading a form is lost due to problems that the form will later cost your estate.
An estate planning attorney can help you through the process of setting up a plan that fits your individual needs.
Reference: WSBT 22 (Nov. 14, 2016) "Special Report: Are you properly prepared for death?"