Common Misconceptions in Estate Planning

by | May 8, 2024

In the realm of estate planning, misconceptions are found in every corner. Here at Axis Law Group, a firm specializing in estate planning, our approach is centered on education. We aim to equip our clients with industry best practices during our consultations, ensuring they depart with a comprehensive understanding.

Let’s delve into a few of the misconceptions we frequently encounter:

Misconception #1: Wills serve to Avoid Probate

There’s a widespread belief that having a will is sufficient to steer clear of probate. However, in Missouri, this assumption doesn’t hold true. While a will serves as a guide for probate proceedings, specifying your desired personal representative and asset distribution, it doesn’t bypass probate entirely. Although it’s possible to avoid probate with a will, the most straightforward method in Missouri is through a trust.

Misconception #2: Estate Planning Solely for the Wealthy or Elderly

Many individuals think estate planning, particularly utilizing a trust, is reserved for the affluent or elderly. This misconception often dissuades individuals with modest assets from pursuing estate planning. In reality, estate planning, including trusts, is accessible to everyone. It empowers individuals to safeguard their assets and family while outlining their distribution preferences. Furthermore, estate planning entails crucial decisions for family welfare in the present, such as appointing a guardian for minor children.

Misconception #3: Overlooking Disability Planning

Having a will or trust in place marks the beginning, not the culmination, of estate planning. Neglecting disability-related considerations can lead to costly predicaments for you and your loved ones. Questions like who should make financial or medical decisions if you’re incapacitated through a stroke, brain aneurysm, or dementia?. Addressing these concerns preemptively can mitigate potential hardships down the line.

At Axis Law Group, our comprehensive approach covers all facets of estate planning, encompassing asset protection, family welfare, and healthcare directives. Don’t trust the misconceptions, schedule a free consultation with one of our experts today.