When most people hear the term “estate planning,” they assume it’s only for the wealthy or the elderly. That couldn’t be further from the truth. In fact, estate planning is essential for nearly every Michigan family—regardless of age or income.
At John R. Tatone & Associates, we regularly help clients clear up widespread myths that could leave their families vulnerable. Below are some of the most common misconceptions we hear, along with the facts that set them straight.
Misconception #1: “I Don’t Need an Estate Plan Because I Don’t Have a Lot of Money.”
Reality: Estate planning isn’t just about how much you own—it’s about making sure your wishes are honored and your loved ones are protected. Even if you don’t consider yourself wealthy, you should still:
Designate someone to make decisions if you become incapacitated
Ensure minor children are cared for by someone you trust
Pass your home or car to the right person without going to court
In Michigan, tools like Lady Bird deeds, powers of attorney, and trusts offer affordable and effective solutions for average families.
Misconception #2: “A Will Is All I Need.”
Reality: While a will is a key part of your plan, it doesn’t avoid probate. The court must still review and approve it. To ensure your assets pass smoothly and privately, you may also need:
A revocable living trust
Updated beneficiary designations
A Lady Bird deed for real estate
Explore what goes into a full plan on our Estate Planning Services page.
Misconception #3: “I’m Too Young for Estate Planning.”
Reality: If you’re over 18, you need basic estate planning documents. Illnesses and accidents can happen at any age. Without a plan, even your closest family members may not have legal authority to help. Starting early helps avoid problems later.
Misconception #4: “I Did a Will Years Ago—I’m Covered.”
Reality: Life changes—and so should your estate plan. If you’ve experienced marriage, divorce, children, a big move, or a major financial event, your plan might be outdated. Regular reviews every 3–5 years ensure your documents still reflect your goals.
Misconception #5: “Estate Planning Is Too Expensive.”
Reality: Failing to plan can lead to far higher costs in court fees, taxes, and disputes. At John R. Tatone & Associates, we offer fixed-fee packages so you know exactly what you’ll pay—no surprise bills, just smart protection.
Misconception #6: “My Family Knows My Wishes. They’ll Handle It.”
Reality: Verbal instructions aren’t enough. Without proper documents, Michigan law—not your family—determines what happens. Powers of attorney, healthcare directives, and clear instructions make sure your family can act without legal obstacles.
✅ The Bottom Line
Estate planning isn’t just for the wealthy or retired—it’s for anyone who wants to protect their family and legacy. By clearing up these common misconceptions, you can take control and build a solid plan for the future.
At John R. Tatone & Associates, we help Michigan families create custom estate plans that skip court and reduce stress. Schedule your consultation today to get the peace of mind you deserve.