Estate Planning Attorney in Henderson, Nevada
What are the biggest estate planning myths?
What are the biggest estate planning myths?
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to me the one i get a lot is
you know i don’t need an estate planks
i’m not rich i’m not a millionaire why
do i need a trust or a will if i just
have you know regular assets you know a
plan is not as important for me
i think that’s a very common
misconception
and my response to that for a lot of
clients is oftentimes
you know don’t focus on
the value of your estate
you know focus on you know the
importance of it and what you’ve been
working hard for whether you have a lot
or whether you have a more modest estate
you put in time and effort to
your profession to your business to your
job
and you’ve accumulated whatever that you
have whatever you have
and you need to make sure that the
planning is in place so that those
assets are managed accordingly and they
go to the right people i think people
tend to focus more on the financial part
of estate planning but i try and help
clients understand that estate planning
encompasses more than just the financial
part of their plan it encompasses you
know incapacity what happens if they
become incapacitated you know who’s
going to make their healthcare decisions
for them who’s going to be their
financial agent
and everyone needs that regardless of
how much money they have or don’t have
and so
i try to help clients understand that
you don’t have to be a millionaire to be
or be rich to have a good estate plan
everyone needs an estate plan to some
extent it just might look different from
one client to another but they all need
it because it encompasses their property
their loved ones their intents their
wishes and a good estate plan can carry
out those wishes regardless of the size
of their estate or what they have
another misconception i think is clients
feel like you know they can just do it
on their own you know do-it-yourself
wills or
or trusts and there’s a lot of different
resources for that it’s very easy to go
online and you know pay a fractional
amount for
a will or a trust you can just do on
your own
as a practicing attorney you know we see
a lot of those those plans and
it just it’s sad to say that most of the
time they
just don’t work the way they’re intended
there’s usually always a mistake and
ambiguity an oversight
and we end up having to try to fix those
issues
and so a lot of clients i talk to
initially
they you know want to do it on their own
because they feel like their affairs are
not very involved they don’t need an
attorney to you know build them to do
this work
but every time a client does something
on their own when it comes to estate
planning almost always that estate will
you know just cost that much more and
take that much longer after they pass
away and so whatever they might have
saved initially
there are states you know bearing that
cost many times over when
when clients understand that they can
get this done through a competent
attorney the first time they might pay a
little bit more now but in the end it’s
going to make things so much easier and
it’ll really save their estate a lot of
administrative costs after the fact
Las Vegas, NV estate planning attorney Taylor K. Morris talks about the biggest estate planning myths. He often hears clients say they don’t need an estate plan because they’re not wealthy—because they aren’t millionaires or don’t have substantial assets. He sees this as a common misconception. His response is that estate planning isn’t about the size of one’s estate—it’s about the importance of what you’ve worked for and the protection of your loved ones. Whether a client has a modest estate or substantial wealth, the effort they’ve put into their profession, business, or personal assets deserves proper planning so those assets are managed correctly and pass to the right people.
He emphasizes that estate planning goes beyond finances. It also addresses incapacity—who will make healthcare decisions, who will manage finances if a client cannot, and how their wishes are carried out. Everyone needs this planning, regardless of net worth. A good estate plan ensures property, loved ones, and personal intentions are protected, no matter the size of the estate.
Another misconception he encounters is the belief that “DIY” wills or trusts are sufficient. While online resources are widely available, he notes that these plans often fail to work as intended. They frequently contain errors, ambiguities, or oversights that create problems later. In practice, he sees that these self-prepared plans almost always end up costing more and taking longer to administer after the client passes away.
He explains to clients that while hiring a competent attorney might cost a little more upfront, it ensures the estate is handled efficiently, minimizes administrative burdens, and ultimately saves significant time, money, and stress for their heirs. Proper planning from the start is always the most effective approach.
