🌟 Four Estate Planning Myths That Put Your Loved Ones at Risk

As an estate planning attorney in Gwinnett County, Georgia, I’ve seen too many families struggle because they believed common myths about wills and trusts. Recent surveys by Caring.com and Ameriprise Financial paint a worrying picture: only 32% of Americans have a will—a 6% drop since last year—and 52% of couples lack any estate plan.¹² Let’s clear the air on four dangerous misconceptions and discover how a Life & Legacy Plan can protect what matters most: your family and your peace of mind.

Myth 1: “I don’t have enough assets to need an estate plan.”

It’s easy to think, “I’m not rich enough for this.” But estate planning isn’t just for billionaires—it’s for anyone who has people they love. Without a robust plan:

• Probate delays can leave bills unpaid and families scrambling for months.

• Unnecessary taxes may nibble away at savings you intended to leave behind.

• Court-appointed guardians or conservators could control your finances and care decisions.

  
  

A Life & Legacy Plan goes beyond a simple will. It ensures:

• Your property and bank accounts pass directly to the people you choose, minus the court hassles.

• Your medical wishes are followed if you can’t speak for yourself.

• A trusted person manages your finances if you’re incapacitated.

• Your most valuable legacy—your values, stories, and love—is protected and shared.

  
  

Pro tip: Even small estates benefit from a written plan. Think of it as a roadmap for your loved ones—no matter how big or small your “estate” might be.

Myth 2: “My spouse and I trust each other completely.”

Trust is wonderful, but it can’t stop the courts. Ameriprise found that 95% of couples trust each other with money, yet many still skip the paperwork.³ Without an estate plan:

• A surviving spouse may face costly probate and tax surprises.

• Joint accounts and property can become tangled in legal red tape.

• If both spouses die at once—especially with minor children or blended families—the state decides who inherits and who raises the kids.

  
  

Think of an estate plan as trust on paper. It prevents unintended outcomes like:

• A new spouse inheriting assets meant for your children.

• Your kids being left out entirely due to outdated beneficiary designations.

  
  

Myth 3: “Estate planning is too expensive.”

Yes, good planning has a cost—but so do probate fees, legal battles, and lost inheritance. In my experience, the emotional and financial price of no plan far outweighs the investment in creating one. A few pages of legal documents can save your family:

• Months or years of court delays and attorney fees.

• Unnecessary estate taxes that deplete your legacy.

• Family disputes that fracture relationships.

  
  

Beyond dollars and cents, a Life & Legacy Plan delivers priceless peace of mind. You’ll rest easy knowing:

“If something happens to me, my family knows exactly what to do.”

Myth 4: “I don’t need to worry about who would raise my kids.”

Parents naturally assume relatives will step in—but without specific legal guardianship instructions, a judge makes that call. In some cases, the chosen guardian:

• Has different values or parenting styles than you’d prefer.

• Faces financial strain paying for your child’s daily needs.

• Might even decline guardianship if costs are too high.

  
  

A Guardianship Plan is part of your Life & Legacy process, lets you:

• Name guardians you trust—and review six common naming mistakes with an expert eye.

• Allocate funds to ensure your kids are cared for without burdening loved ones.

• Provide clear guidance on education, health care, and traditions you hold dear.

  
  

Take Action Now to Protect Your Family

Nobody wants to think about incapacity or death—nobody. (Well, maybe that includes death & taxes, but they’re both pretty reliable!) 😉 But with the right knowledge, we can replace fear with confidence.

At ABC Estate & Legacy Planning, we start by educating you on exactly what happens if you do nothing—and then guide you through the Estate Planning Process so your wishes are honored, your assets protected, and your loved ones cared for.

Ready to break the cycle of last-minute scrambling? Schedule a complimentary consultation today and let’s create a plan that grows with you and protects your family. Schedule a free 15-minute consultation here or call us at (470) 458-7878.

¹ Caring.com, 2024 Estate Planning Survey

² Ameriprise Financial, 2024 Couples & Estate Planning Report

³ Ameriprise Financial, 2024 Survey Data