Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Thursday, September 17, 2020

5 Unfortunate Estate Planning Myths You Probably Believe

ConfusedWomanEstate planning is a complex concept that encompasses many other concepts. Due to the vastness of the topic, they are common misconceptions that can lead your estate plan astray if you follow them.

The best way to estate plan is to plan from strategies built and expanded on over time. 

Below are 5 common misconceptions of estate planning. 

1. An estate plan should be based solely on tax mitigation

2. I should leave everything to my children

3. My children are so very different but to be fair, I must be equitable with my estate plan

4. I will set up a trust. That will take care of everything.

5. My estate advisers have my best interests in mind, and they are working together for me as a team. 

See Christopher D. Wright, JD, CPA, 5 Unfortunate Estate Planning Myths You Probably Believe, Kiplinger, September 17, 2020. 

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.

https://lawprofessors.typepad.com/trusts_estates_prof/2020/09/5-unfortunate-estate-planning-myths-you-probably-believe.html

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