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In that light, four of the ten estate planning myths featured here include:

📌 Estate planning is only for the wealthy: Everyone needs a plan to provide direction for the plethora of issues that could arise when you are unable to lend a say in real time.

📌 If you have a will, you will avoid probate: A will does not necessarily avoid probate, but other estate planning documents such as funded trusts can help avoid it.

📌 A will decides who inherits your IRA: The beneficiary form on your IRA, life insurance and retirement accounts dictates who inherits money. Your will does not control “annuities, payable on death accounts, and transfer on death accounts and affidavits.”

📌 A will or trust are the only estate planning documents you need: Among other crucial documents, you also need a financial power of attorney, a health care power of attorney and a living will declaration.

Whether you’re rich or poor, married or single, have children or not, you can still benefit from a proper estate plan.