Estate planning is often seen as something reserved for older, wealthy individuals — you know, the ones with grandchildren and a few beachfront properties. But did you ever think that these people have the luxury of enjoying this lifestyle because of their smart, proactive estate planning? Estate planning is one of the greatest wealth-building tools that today’s Americans have access to.
At Comer Law Group, we meet too many young families who’ve put off their estate planning to the point that it’s significantly reduced their overall ROI. We get it — life is busy, and estate planning sounds time consuming and expensive (…even though it’s not). But beyond leaving money on the table, not having an estate plan can leave your children, partner, and parents tangled up in court in the event that the unthinkable occurs.
Estate planning is one of the greatest wealth-building tools that today’s Americans have access to.
Here are some of the biggest estate planning myths we hear from millennial professionals and their families — and why you should think twice before accepting them.
🚫 Myth #1: “Estate planning is only for the wealthy.”
✅ Fact: Estate planning is more than just about building wealth. If you own anything — a car, a bank account, or a pet — then you have an estate. And if you’re over 18, it is your responsibility to have a plan for what happens to that estate in the event of your death, if you’re incapacitated, or if you’re unable to make sound decisions for yourself. Creating a living trustallows you to designate a POA in the event of such circumstances.
🚫 Myth #2: “A will is as effective as a trust.”
✅ Fact: Think of a will as a basic planning tool for your assets posthumously. For example, if you were to pass away, your will would outline your dying wishes. However, due to a will’s design, those wishes would still be contestable in court by your family, friends, or acquaintances. Our legal experts recommend opening a trust in the place of a will, which would provide you and your assets with a significant layer of additional protection and direction.
A will:
- Goes into effect after you’ve passed away.
- Requires your assets to go through probate court, which could take months to years to complete.
- Is difficult to change. For example, if you have a house in your will, but you choose to sell it (removing it from your will), you will have to rewrite your will entirely.
- Is only applicable in the state you live in. If you move out of your state, you will need to rewrite the will entirely.
- Is public record, making it easily contestable by someone who feels they’ve been unfairly left out of your final wishes — like a caregiver, estranged family member, or a spouse from a previous marriage.
A trust:
- Goes into effect immediately, prior to your death.
- Foregoes probate court entirely, giving your loved ones quick access to your assets.
- Is designed to have assets added and removed throughout your lifetime.
- Is applicable across state lines. If you move out of state, your trust moves with you.
- Is private record and much more difficult to contest.
🚫 Myth #3: “Only grandparents need a trust.”
✅ Fact: As mentioned, estate planning is more than just about building wealth. A proper plan can help young parents avoid guardianship fights and ensure their kids are cared for in the event of the unthinkable.
3 Reasons Why Young Parents/Couples Need a Trust:
- A trust allows you to avoid probate court in the event that your spouse passes. Even if you are married to someone, if they only have a will, your spouse’s assets will still have to pass through probate court unless you are 1. Named beneficiary (e.g., with a life insurance policy), or 2. You are the joint owner (e.g., a joint bank account).
- Assign guardianship of your minor children, avoiding custody battles.
- Cover incapacity. Meaning that if you become incapacitated during your lifetime, your trust will designate who will make decisions for you. A will is not capable of this designation.
🚫 Myth #4: “I’m young and healthy. I’ll just do it later.”
✅ Fact: Accidents and illnesses don’t wait for retirement. Planning ahead gives you control — and spares your loved ones from painful, expensive decisions.
Without a power of attorney or healthcare directive, your family may need to go to court just to manage your finances or authorize medical care. A will is a good start, but remember that it takes the formation of a trustto ensure that your decisions are honored.
🚫 Myth #5: “Estate planning is too expensive and complicated.”
✅ Fact:In most cases, creating a living trust will cost you and your family less than the probate process will.
As a young family, start with a simple trust and powers of attorney. Form a relationship with your attorney so that you can easily expand your estate plan as your needs grow.
Why Estate Planning Matters for Millennials
Millennials are a part of the largest generational wealth transfer in history — over $84 trillion is expected to change hands in coming decades. Remember, if you don’t make a plan, the courts will make one for you. And unless you choose a secure option like a living trust, then there’s no guarantee that that plan will be the one you wanted.
At Comer Law Group, we help young professionals and families in Texas build smart, affordable estate plans without the fluff. Whether you’re protecting your kids, your business, or your digital footprint, we’ll help you stay in control.
📞 Ready to bust the myths and build your plan? Contact us for a free consultation by calling 214-460-4663, or visiting the comerlawgroup.com website.
