Top 5 Estate Planning Myths

According to a recent survey done by caring.com (2025), only 45% of Americans have any sort of any estate planning documents in place, while only a staggeringly low 24% of Americans only have a basic will. This is down from 33% in 2022. So why is it that so few Americans have any estate planning documents? It’s not because we don’t care about our families and want them to be cared for in the event that something happens to us. But there are some common misconceptions that arise when the topic of estate planning comes up. 

Here are the top 5 estate planning myths and what you can do to be prepared:

1. Estate Planning is Only for the Wealthy

While it is true that many of the wealthy respondents to the 2025 survey had some estate plan documents in place, such as a revocable living trust or at minimum a will, power of attorney for finances, and advance health care directive; it is not true that only people with significant wealth need an estate plan. A properly drafted estate plan takes into consideration not only how your assets will be distributed and to whom, but also what happens if you become incapacitated, or too sick to make decisions for yourself with respect to medical care and finances. Getting a properly drafted estate plan gives you the power of setting into action a plan that puts your wishes in place when any of this occurs. A proper plan also sets up guardianships for your minor children in the event that something happens to you. This means your children will be cared for in the manner you wish them to be and by whom. Putting your wishes into action by getting an estate plan also limits avoidable and unnecessary family conflict.

2. An Estate Plan is Too Complicated and Expensive

I have heard this many times over the years that getting an estate plan is too complicated and expensive and that clients just want to keep it simple. But estate planning doesn’t have to be complicated or expensive to sufficiently put your wishes into action in the event something happens to you. In fact, quite the opposite is true in that not having an estate plan subjects your estate to probate administration–a lengthy, complicated, and expensive court supervised process in which your assets are distributed, not according to your wishes, but the Probate Code. During this time, your assets are frozen until the administration wraps up. The cost of a probate administration for a $1,000,000 estate is a total of $46,000 in statutory fees set by the Probate Code. This vastly exceeds the cost of setting up an estate plan with a revocable living trust. You see the State has a plan for you even if you have never set one up.

3. A Will is Enough

I hear this one too from people all the time– I have a will so I am covered. But what they don’t realize is that a will does not avoid probate as discussed in detail above. While a properly attorney drafted will does state your wishes with respect to who your heirs are and who you want to be the personal representative of your estate (your executor), it still must pass through probate court administration. I like to think of a will as your letter to the probate court judge as to who you want your assets to pass to and by whom. It is done in a public setting too, meaning that your private affairs are widely available to the public purview. Setting up a revocable living trust is a privately managed solution to help avoid probate and set your plan into action. 

4. I am too young to have an Estate Plan

This is another one I see over and over again–estate planning is only for the elderly. This is just simply not true. I have set up trusts for individuals as young as twenty years old because they cared about what would happen to their family in the event that something happened to them. A thoughtfully drafted estate plan puts in place guardianships for minor children for young parents– a consideration most parents would wish to address. An estate plan can also set up who will manage your small business or digital assets as well (such as: social media, cryptocurrency, accounts, blogs, etc.).

5. I already have an Estate Plan Set in Stone

An estate plan is not a “set it and forget it” kind of thing. I’ve seen trusts drafted over thirty years ago that are so out of date they no longer make sense under the current law. This is not going to be helpful to your loved ones and beneficiaries when you pass. I advise my clients to review and update their estate plan every three to five years or when of a major life event occurs, such as: marriage, divorce, the death of a beneficiary, agent, or trustee; when you acquire new assets such as a home, and if you move to another state. 



The estate planning misconceptions addressed in this blog post is not an exhaustive list but it highlights the most common myths people believe with respect to it. Estate planning can be a difficult subject matter to discuss because no one wants to think of what happens when they pass on or become too sick to manage their affairs, but it doesn’t have to be. I want to empower you to make your wishes known by setting up an estate plan that is properly drafted by an experienced estate planning attorney. Contact us today for your free 30 minute consultation to put your plan into action.