Four estate planning myths that could cost your family
Long version
Consider this scenario: A teacher of 30 years and mother of three passes away at age 58. She leaves behind a modest home, a retirement account and cherished family heirlooms – but no estate plan. Her children, still grieving, find themselves navigating a confusing probate process, disagreeing about when to sell the house and considering who gets their grandmother's ring.
This mom wasn't wealthy by most measures, but her lack of planning created confusion, conflict and uncertainty at a time when her family needed clarity. Her story reminds us of an important truth: estate planning is about easing conflict and making sure what you have goes where you want it to go.
As you think about your own legacy, consider these myths that can lead to costly mistakes and unintended outcomes.
Myth 1: Estate planning is only for wealthy people. The desire to make things easier for loved ones has nothing to do with net worth. Formally documenting your wishes reduces the burden on family members and gives you control. Without a plan, your state's laws will decide how your estate is handled, and you may not like what those laws say.
Myth 2: Having a will is all you need. While a will is important, it only takes effect after death. That means it offers no protection if you become incapacitated and cannot make decisions for yourself. It does, however, allow you to name legal guardians for dependent children.
The foundation of most estate plans includes a will (which directs asset distribution), a financial power of attorney (for financial decisions),a health care power of attorney (for medical decisions), and a medical directive (to share your end of life wishes). While not everyone needs a trust, there are several that allow you to make special provisions, such as for minor children, a special needs family member or even a cherished pet. Consulting with a financial advisor and an estate planning attorney can help determine the right combination based on your situation.
Myth 3: Equal distribution is always fair. It’s likely that the individuals in your estate plan, especially if they are adult children, have different family and financial situations. You may have one child who’s extremely successful financially while another is struggling. Or you may have assets, such as a house or ownership of a family business, that are more suitable for one beneficiary than another. It's important to consider any unique circumstances as you develop your estate plan.
Myth 4: I can set it and forget it. You'll want to review your estate plan every few years or when a major life event occurs. Life is full of changes, such as marriages, divorces, new children and relocations, and they will likely impact your goals. Reviewing your plan helps keep everything aligned with your wishes and serves as a reminder to keep your beneficiaries on all your assets up to date.
Ultimately, estate planning is about helping ensure your voice is heard and your loved ones cared for, no matter what the future holds.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.
Edward Jones, Member SIPC
Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation.
Number of words: 503
Short version (radio/print/online)
PSA: Four estate planning myths that could cost your family
TBA: May 11, 2026
Many people think that estate planning is just for wealthy people, but that's a myth. An estate plan is for anyone of any means who has assets to distribute. They could include a house, investment accounts or family heirlooms.
An estate plan lets you decide who gets what and who's in charge of making decisions – both during your life and after your death. It saves confusion and conflict among your heirs.
Without one, state laws decide everything, and you may not like the outcome.
Another myth is that a will is enough. However, a will doesn't protect you if you become incapacitated.
Myth No. 3 is that equal distribution is always fair, but truthfully, every child's situation differs.
And the final myth is that you can set it and forget it. Instead, you should review your plan every few years or as major life events occur.
Estate planning can help ensure your voice is heard and your loved ones are cared for, no matter what happens.
This content was provided by Edward Jones for use by (FA’s NAME), your Edward Jones financial advisor at (branch address or phone number). Member SIPC
Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation.
Number of words: 166 (excluding FA’s name, address/phone number)