Three Myths (and other reasons we delay planning)

by Michael on November 5, 2019

in Uncategorized

It’s easy to procrastinate when it comes to certain tasks (especially when they’re related to final planning). But don’t you always feel better when you can check something off your to-do list?  

Misconceptions can make the process of creating a plan more confusing than it needs to be, so let’s set the record straight. 

Here are a few common myths that may be holding you back:

Myth 1: “A basic will is enough.” 

Having a will is better than having nothing at all, but you can do better. An advance directive, health care power of attorney and financial power of attorney can help protect you. And in some circumstances, a living trust may be more suitable than a will alone. It takes an attorney skilled in this to actually know what is needed. I can refer you to one who is.

Myth 2: “I don’t need to worry about this until later.” 

Most people who’ve experienced life-altering events like heart attacks or car accidents will tell you that they never thought it would happen to them. No matter your age, it’s smart to have documents in place to help manage your health and finances. 

Myth 3: “Others can take care of this when I am gone.” 

Well, for some things, yes, but that does not mean that is wise. Decisions made ahead of time will save money (a lot of money). And more importantly, when someone is gone there is a matter of cost. Pre-planning allows this to take place at a reasonable amount, as opposed to the horror stories many people tell regarding what they went through. And there are some things that “others cannot take care of”. It will be done by us, or it will not be done.  

It’s wise to review these things now. Planning for this can save a lot of money and guarantee results. (There are also other considerations that a person may wish to prepare for in case of serious illness and survival).

As always, please reach out anytime if you have questions or if you’d like to discuss your insurance needs. I am here to help. Michael Myers, CA License 0561502, (209) 390-1163.

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