Estate Planning Myths Debunked

We tackle common misconceptions about wills, trusts, and estate planning.

In over a decade of estate planning practice, I have heard every reason people delay this work. Most of them trace back to a myth — a misunderstanding about what estate planning is, who it's for, and what it actually involves. Here are the seven I hear most often, and the truth behind each one.

Myth 1: "I'm too young for estate planning."

This is the most dangerous myth of all. Estate planning is not about being old. It is about being prepared. If you have a child, a house, a business, a bank account, or a person you love who depends on you — you need an estate plan. The age at which most people regret not having one is not 80. It's 42.

A will, a healthcare directive, and a durable power of attorney take less than a day to prepare and are among the most important documents you will ever sign.

Myth 2: "I have a will, so I'm covered."

A will is a starting point, not a complete plan. A will goes through probate — a public court process that costs money, takes time (often 9–18 months in Washington state), and is visible to anyone who wants to look. It also doesn't cover assets that pass by beneficiary designation (retirement accounts, life insurance, joint bank accounts) or in joint tenancy.

A complete estate plan typically includes: a revocable living trust, pour-over will, financial power of attorney, healthcare power of attorney, and advance healthcare directive. Each document serves a distinct purpose.

Myth 3: "Trusts are only for wealthy people."

This myth costs middle-class families more than any other. Trusts are not about avoiding estate taxes (though they can do that). They are about avoiding probate, protecting your children's inheritance, providing for a special needs family member without disqualifying them from government benefits, and ensuring your wishes are carried out with precision and privacy.

A revocable living trust is the right planning tool for most Washington families with homes, minor children, or mixed-asset estates — regardless of net worth.

Myth 4: "My spouse will automatically inherit everything."

In Washington state, community property laws mean that assets acquired during marriage are generally split 50/50. But separately owned property, inheritances, and assets in only one spouse's name can create complications. And if you have children from a prior relationship, automatic inheritance gets even more complicated.

Without proper planning, your surviving spouse may not have immediate access to assets needed for daily living. Proper beneficiary designations and a trust structure eliminate this problem.

Myth 5: "Estate planning is too expensive."

The cost of a complete estate plan — typically $2,500–$5,000 for a comprehensive package — is far less than what your estate will pay for probate (usually 3–8% of the gross estate value) or what your family will pay in legal fees to resolve ambiguities you left behind.

The question is not whether you can afford estate planning. It is whether your family can afford the alternative.

Myth 6: "I can do it myself online."

Online will templates are better than nothing. They are not better than a properly drafted estate plan tailored to Washington state law. They cannot account for blended families, business ownership, real estate held across multiple states, special needs beneficiaries, or the dozen other fact patterns that require customization.

More importantly, they are not reviewed by an attorney who is legally responsible for their accuracy and who will be there when questions arise.

Myth 7: "Once I do it, I'm done."

An estate plan is a living document. It should be reviewed after major life events: marriage, divorce, the birth of a child, a significant change in assets, the death of a beneficiary or executor, or a move to a new state. Most attorneys recommend reviewing your plan every three to five years even without a major life event.

Washington Law's estate planning practice is led by Serena Voss, J.D., Ph.D., with over a decade of experience helping Seattle-area families create plans that protect what matters most. Schedule a complimentary consultation at (206) 555-1847.