Debunking Common Estate Planning Myths

Many people put off estate planning because of misconceptions that make it seem unnecessary or intimidating. In this post, we're tackling some of the most common estate planning myths we hear and replacing them with facts that can help you move forward with confidence.

MYTH: Estate planning is only for the wealthy.

FACT: An estate plan is about much more than your money.

You don't need a billion-dollar fortune to make estate planning essential. Every asset you own deserves careful consideration to ensure it ends up in the right hands. Reviewing how your real estate is titled, updating beneficiaries on accounts, and preparing for scenarios where beneficiaries may predecease you are all essential steps. When minor children are involved, planning becomes even more critical, as they can't inherit money directly. How can you ensure they receive the financial support you intend to leave behind? Designating a guardian for your minor children through an estate plan helps in addressing these concerns, but you also need a trustee who can manage their inheritance.

In addition to a will or trust, an estate plan includes financial and medical power of attorney documents. These allow you to appoint someone to make decisions for you if you are alive but not able to make decisions for yourself. In Colorado, these are of huge importance because state law does not assume that your spouse or a relative can make decisions for you. In addition to naming who will be making these decisions, your estate plan will inform them of your preferences in different financial and medical scenarios to make sure your wishes are respected.


​MYTH: I'm too young for estate planning.

FACT: Everyone over the age of 18 needs an estate plan.

Estate planning isn't for retirees—it's essential for anyone over 18. Being 18 means parents can no longer make decisions on behalf of their child. In a medical emergency or financial crisis, they won't have automatic access to step in and help. With the proper legal documents, even a simple banking issues or hospital visit can become a major obstacle. A basic plan, including a medical and financial power of attorney, ensures that a trust individual can act on their behalf when needed.


​MYTH: Creating an estate plan is too complex and time consuming.

FACT: A carefully tailored process can make it easy and efficient.

As an estate planning attorney, I often hear clients admit they've delayed their plans for years, dreading the thought of sifting through paperwork and spending hours gathering documents just to begin.

Believe it or not, many leave my office saying, "That was so much easier than I thought!"

At Bastani Law, we specialize in alleviating overwhelm. We break down the process into manageable steps, offering personalized advice and options along the way. Recognizing that every plan is unique, we meticulously track details and know the right questions to ask. Our approach combines compassion, expertise, and excellence to ensure a smooth experience.