Wills, trusts, and probate aren’t always dinner table topics, but understanding them is essential. Knowing the basics helps you cut through common misconceptions and protect your family and assets.
Here are 10 myths about estate planning and probate you should know:
1. I’m too young for an estate plan.
Estate planning isn’t just for retirees. From wills to healthcare documents, it protects you and your loved ones at any age, especially if you have children.
2. I don’t have enough assets for an estate plan.
Estate planning is for everyone. Even modest estates benefit from clear instructions and guidance, avoiding probate and guardianship complications.
3. Estate planning is only about distributing assets
It’s also about relationships, healthcare decisions, and protecting dependents, giving your family peace of mind.
4. Probate costs the same as creating a will.
Probate can be expensive, slow, and public, often costing far more than setting up your will in the first place.
5. I have a will; probate isn’t needed.
Even with a will, probate is required to validate it and transfer assets legally.
6. Probate takes years.
Most estates are settled in months. Delays usually come from disputes or complex assets, but strong legal guidance keep can speed up the process.
7. If I die, my spouse automatically inherits everything.
Spouses typically inherit a large portion of your estate, but only an estate plan guarantees your assets go exactly where you want.
8. The oldest child must be executor.
You choose your executor. Courts follow your instructions unless the named person is disqualified.
9. Joint bank accounts replace a durable power of attorney.
Joint access isn’t the same as legal authority. A durable power of attorney ensures someone you trust can manage finances responsibly.
10. No one contests the will, so I don’t need a lawyer.
Even uncontested estates require legal steps. An experienced probate attorney helps you meet deadlines, handle debts, and avoid errors.
Protect Your Family with a Strong Estate Plan
A well-crafted estate plan does more than distribute assets, it safeguards your loved ones, designates decision-makers for healthcare and finances, and avoids unnecessary probate complications. Don’t wait until it’s too late; putting a plan in place now gives you peace of mind and protects the people who matter most.
Your Estate Planning Attorney
Estate planning can feel overwhelming, but it doesn’t have to be. Our team is here to walk you through every step, answer your questions, and create a plan that fits your life. We serve all Oklahoma counties, with offices in Oklahoma City, Edmond, Norman and Stillwater. Contact Ball Morse Lowe today to start your estate plan and ensure your family’s future is secure.
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