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Debunking Common Estate Planning Myths

12/8/20253 min read

Debunking Estate Planning Myths

As the co-founder of Claim My Legacy, one of the things I love most about my work is talking to people about estate planning. It’s a topic that sparks genuine curiosity, yes, even at cocktail parties, and it gives me a chance to clear up confusion about a process that’s truly about caring for your loved ones.

In these conversations, I often find myself debunking the same few myths. These misconceptions aren’t just harmless; they can lead to costly mistakes, legal tangles, and unnecessary stress for the people you care about most.

Let’s lay some of the most common estate planning myths to rest.

Myth #1: “My life is simple; I don’t need an estate plan.”

Many people think estate plans are only for the ultra-wealthy, especially since the current estate tax exemption is so high. But for most of us, planning isn't about taxes, it's about clarity and ease.

A solid estate plan can help your family avoid probate, the court-supervised process for settling an estate, which saves them time, money, and hassle. We also tend to underestimate the complexities of our own lives. Maybe you have a blended family, own a small business, have a child with special needs, or own property in another state. These are all situations where a little planning now can prevent a big headache later. A good plan asks the right questions to simplify your unique situation.

Myth #2: “I have a Will, so my family won’t have to go through probate.”

This is a big one. A Will is essential and it ensures your wishes are known. Without one, state law decides who gets your assets.

However, having a Will does not mean your estate avoids probate. In fact, a Will is the document the probate court uses to guide the process.

The good news? With thoughtful planning, you can structure your estate to transfer your assets smoothly and bypass probate altogether.

At Claim My Legacy, we often use tools like revocable living trusts to make this happen. While setting up a trust requires careful steps, like properly transferring your assets into it (called "funding"), the result is a much more efficient and private process for your family.

Myth #3: “My Revocable (Living) Trust Protects me from Creditors.”

We love revocable trusts for simplifying matters after you’re gone, but they are not a shield from creditors during your lifetime. Why? Because you maintain complete control over the trust and its assets. In the eyes of the law, if you control it for your own benefit, your creditors can generally reach it.

For most people, this isn’t a major concern. Risks like lawsuits from an accident are often covered by insurance. A revocable trust’s primary superpower is probate avoidance, not creditor protection.

Myth #4: “My kids are responsible so I don’t need a trust for them.”

Trusting your children completely and choosing to leave their inheritance in a trust are not mutually exclusive. In fact, it’s a profound gift of protection.

Life is unpredictable. A trust can safeguard an inheritance from a child’s future divorce, creditors, or even from well-intentioned but unwise financial decisions. It can also provide professional management, ensure assets last, and preserve government benefits for a child with special needs. Leaving assets in trust isn’t about distrust; it’s about long-term love and security.

Myth #5: “Estate planning is all about planning for death.”

While it certainly covers what happens after you pass, a comprehensive estate plan is equally about planning for life.

Critical documents like a Durable Power of Attorney (for finances) and a Healthcare Power of Attorney (for medical decisions) ensure someone you trust can manage your affairs if you’re ever incapacitated by an illness, accident, or simply the effects of aging. This "life planning" aspect provides immense peace of mind for you and your family.

Myth #6: “I can draft my own estate plan.”

Technically, yes. But just because you can doesn’t mean you should.

Estate planning documents are deceptively complex. A missing signature, unclear phrasing, or a simple oversight can invalidate your wishes, create family conflicts, and lead to expensive court battles that far exceed the cost of professional guidance.

At Claim My Legacy, we do more than fill in blanks. We ask insightful questions, identify issues you might not see, and craft a plan that is legally sound and truly reflects your intentions.

The Bottom Line

Estate planning isn’t just about protecting assets - it’s about protecting people. It’s the ultimate gift of clarity and care for your family.

Don’t let myths stand in the way of your peace of mind. With the right guidance, creating a thoughtful plan can be straightforward and empowering.

Ready to create a legacy of clarity and care? Let’s start the conversation.