Real Estate Lawyers in Mississauga Bust Estate Planning Myths

Do you find estate planning confusing? It is an important part of your financial decisions and not thinking about it can cost us money, time, and stress. It should be a fairly straightforward process to take stock of what you have accumulated and make sensible decisions about leaving it in good hands.

But there are many misconceptions surrounding estate planning that get in the way of our making wise choices. Whether due to the wish to be equitable and fair or the pressure of time, many emotions can cloud your decision-making.

As one of the leading real estate law firms in Mississauga, we emphasize to our clients the importance of coming up with strategies to make such decisions. To that end, we here provide a list of common misconceptions surrounding estate planning.

Keep reading to set up an effective plan and make alterations as necessary, when a life change takes place.

Top Estate Planning Misconceptions According to Real Estate Lawyers in Mississauga

Take a look at some of the most common misconceptions surrounding estate planning.

1. Only old people should think about estate planning

estate planning

Most of us think estate planning only needs to be done when we get older. But not everyone lives to age 90, which is why estate planning from an early age is a good idea.

Ideally, you should start thinking about it after you marry and/or start having children. Once people start depending on you, it becomes imperative to think about what to leave them.

Take a look at this short checklist for estate planning in Mississauga.

2. It’s only for the exceptionally wealthy

Estate planning isn’t just about ensuring your loved ones receive your money and other assets. It also includes decisions about your health should you become incapacitated, including your care.

For the youngest members of your family, estate planning comes down to appointing someone to look after your children should something unfortunate happen to both parents. A guardianship clause allows parents to decide who will care for their children should something happen to them before they reach age 19.

3. There won’t be any issues since my family gets along well

Even a functional family can face trouble when it comes to estate planning. When done effectively by a professional, estate planning can take care of:

  • Any pets
  • What decisions need to be made in different medical scenarios
  • Who is to receive which assets once you are gone

By having an estate plan, you can properly communicate your wishes to your loved ones. While you might think it’s obvious who will get your assets, there may be more than one person who thinks they are entitled to them.

4. There’s no need to hire a lawyer

DIY estate planning is a recipe for disaster. There is no one-size-fits-all estate planning solution, which is something most DIY legal service providers choose to ignore. Most of these services offer forms that don’t meet the legal requirements of the provinces, account for a family’s specific situation, or are executed properly.

So, you can spend money and time on a DIY estate plan, but chances are that it will fall into a messy probate and put your family in a troublesome position.

It’s better to hire an experienced and qualified real estate lawyer in Mississauga to ensure you get the best solution. If you have a family member with special needs, they can create a plan to take care of them as well. They will know the best ways to protect you, your family, and your assets. Plus, your lawyer will be available to update your estate planning documents if need be.

5. It’s an expensive procedure that can be avoided

Like any other legal process, estate planning becomes an expensive endeavour. For instance, hiring a top-rated lawyer who bills by the hour can cost you thousands. But you can still hire renowned and experienced lawyers who are much more affordable by doing some research.

Here are some important things to know about preparing an estate will.

Now that our real estate lawyers in Mississauga have debunked some of the most common estate planning myths, you can see why it’s important to set one up. While time-consuming, you can prepare a basic estate plan and improve it over time as circumstances change. What’s important is that you have a plan in place before it’s too late.