Myths about estate planning

By Patricia Nugent

“Whether you think you can, or you think you can’t—you’re right.”

What Henry Ford suggested nearly a century ago rings true today: Attitude determines failure or success.

When it comes to ensuring peace of mind for you and your family by planning for your final wishes, there are a lot of myths that can lead to a faulty attitude. Here are a few I discovered sitting down with Attorney Margaret T. Karl, who helps people put together their estate plans by drafting wills and trusts.

• “The process is overcomplicated and will take forever.” Nope, Margie reports her clients don’t need to exhaustively compile documentation before meeting with her. She can almost always take care of everything in two, 30-minute visits.
• “It’s going to cost a fortune.” Again, wrong. She says the average will only costs a couple hundred dollars.
• “It’s bad luck.” Margie says she gets this a lot. “I understand no one wants to think about their own mortality, but peace of mind is priceless. Don’t you want to know your assets and family will be taken care of?”
• “Why would I pay for an attorney when I can just Google ‘will template,’ download it and fill it out myself?” While technically and legally you can do this, she does not advise it. “There are many missteps and pitfalls involved in a generic, one-size-fits-all form,” she says. “People make mistakes that ultimately invalidate the will and make it costlier in the end to fix.”

The bottom line: Stop procrastinating.

“We all put off unpleasant things,” she adds. “We’d like to think we’re going to live forever. But not having your affairs in order can become a terrible burden on your loved ones.”

Margaret T. Karl, attorney at law, is located at 25800 North Depot Street, Suite 102, in Olmsted Falls. Call 440-782-5051 or visit OlmstedOhioLaw.com.