Five Estate Planning Myths That Too Many People Still Believe

Estate planning is complicated. There are a lot of myths and misconceptions about how estate planning actually works. At Fisher Law LLC, we are committed to helping people and families put the right plan in place. Within this article, our Boston estate planning attorney dispels five estate planning myths that far too many people still believe in the Commonwealth of Massachusetts. 

Myth #1: If You are Not Rich, You Do Not Need to Bother With an Estate Plan 

False. Every adult in Massachusetts should have a full estate plan in place. It is a big mistake to assume that estate planning is only for the very wealthy. Estate planning governs more than wealth transfer. It controls guardianship for minor children, incapacity planning, healthcare decision-making, and asset management during life. 

Myth #2: I Can Avoid Probate By Setting Up a Will 

False. You should certainly write a will, but it will not make your estate avoid probate. A will does not avoid probate in Massachusetts. It triggers probate if there are any probate assets.  A probate asset is an asset owned by the decedent in his or her name only. A will directs how probate assets pass through the probate process, but it does not bypass court supervision.   Assets that have a POD or TOD designation or have named death beneficiaries are non-probate assets, and their distribution is governed by the beneficairy designation form filed with the financial institution.  The Probate and Family Court oversees administration, creditor notice, asset inventory, and distribution of probate assets or the probate estate. 

Myth #3: A Spouse Gets Everything No Matter What 

False. The specific circumstances always matter. Massachusetts law does not guarantee that everything passes automatically to a surviving spouse. Intestacy rules apply only when no estate plan exists, and even then, the outcome depends on family structure. Children from a prior relationship change the distribution scheme. Non-probate assets follow beneficiary designations, not family relationships. Retirement accounts, life insurance, and jointly titled property may pass outside the estate entirely. 

Myth #4: I Set Up an Estate Plan Once, So Now I Do Not Have to Worry About 

Estate planning is not static. Massachusetts law changes. Personal circumstances change faster. Marriage, divorce, births, deaths, asset growth, business formation, and relocation all affect how a plan operates. An outdated plan can fail or produce unintended results. Beneficiary designations may conflict with documents. Your estate plan should be reviewed, and, if needed, revised, on a periodic basis. An out-of-date estate plan can cause serious problems. 

Myth #5: My Family Will Be Able to Act Automatically If I Am Incapacitated 

False. Family members do not automatically gain legal authority when someone becomes incapacitated. Without a durable power of attorney or healthcare proxy, no one can manage finances or make medical decisions by default. Banks, hospitals, and insurers require formal authority. In Massachusetts, the alternative is a court-appointed guardianship or conservatorship. That process can be public, slow, and even expensive. 

Call Our Boston Estate Planning Lawyer Today

At Fisher Law LLC, our Massachusetts estate planning lawyer is proud to provide solutions-focused guidance and support to people and families. If you have any questions about estate planning, please do not hesitate to contact us today. With a law office in Norwood, our firm is well-positioned to provide estate planning representation throughout the Greater Boston area.