The Estate Planning Myths I Hear Most From New Parents in Arizona
We get some version of this question from almost every new parent who calls us: do I actually need a will now, or am I getting ahead of myself?
Our answer is always the same. If you have a baby, a mortgage, or a bank account, you already have an estate. The plan is just how you protect it and protect yourself.
We recently talked with a mom who'd been renting the same apartment for six years, had a modest 401k through her hospital job, and a toddler asleep down the hall. She didn't think she had enough to justify a real plan. Once we mapped out her savings, her life insurance, and who would raise her son if something happened to her, it was obvious how much she actually had to protect. No trust fund. No real estate portfolio. Just a life she'd built and a kid who depends on her.
That's the first myth: estate planning is only for people with money. It isn't. It's for anyone who loves someone and wants to protect them.
The second myth is that it's too complicated or expensive to deal with yet. We understand where that comes from. Nobody wants a surprise bill or a stack of documents they can't make sense of. We walk you through your options and the cost before you commit to anything, in plain language, so you're never guessing what comes next. What's actually expensive is not planning. In Arizona, an estate that goes through probate typically takes nine to eighteen months and costs three to five percent of its value, all while the assets sit frozen and the process becomes part of the public record. A short conversation now to get ahead of this is a lot cheaper than waiting until after something happens.
The third myth, and the one we hear most from parents with young kids, is that you're too young for this. Estate planning isn't really about death. It's about who makes medical decisions for you if you can't, who raises your kids if you and your partner both can't, and who has the authority to handle your accounts and bills in the meantime. We met with a young couple who assumed everything would automatically go to each other if something happened. It doesn't automatically work that way in Arizona without the right documents and planning in place. Without them, a court decides instead of you.
The fourth myth is that once you sign your documents, you're finished. Your life keeps changing new house, new baby, new job, new laws. That's why every plan we build includes a complimentary review every three years, so your documents keep up with you instead of sitting in a drawer.
None of this requires you to have it all figured out first. It requires one conversation.
If you've been meaning to get to this, or you've just been wondering whether you actually need to, that's the moment to have it. We'd rather answer your questions on a free discovery call than have you spend another year unsure.
This article is for educational purposes only and is not specific legal advice. There is no substitute for consulting with an attorney about your specific circumstances.
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