What are the common myths of estate planning?

Four common estate planning myths (and why they’re not true)

Sometimes, it just seems easier to put off life and legacy planning for another day. The thing about an estate plan is that you never know when you might need it.

Here are some common myths that get in the way of starting a life and legacy plan.

Myth #1: It’s only for the wealthy.

Everyone stands to benefit from estate planning. There is no minimum amount of money or other assets you should have in your possession to plan for the future.

Myth #2: A will is all you need.

A will is important but it’s also important to have other documents in place like a power of attorney, advance healthcare directive and letter of instruction.

Myth #3: Once set in stone, a plan doesn’t need to be revisited.

When you think about how much change happens over the course of your lifetime, coupled with how much changes in the world around you, it’s inevitable that your life and legacy plan will have to change with you.

Myth 4: Probate is extremely costly and always needs to be avoided.

There’s a common assumption that probate is extremely costly and will make a serious dent in an estate. However, it’s not always as costly as some people assume, and fees vary by province and territory.