Hi there,
I'm Zach Hunsinger, and every week I'll share one practical tip, story, or insight to help you protect your family, without the legal jargon.
Let's kick things off by busting five estate planning myths I hear from clients almost every week.
Myth #1: "I'm too young to need an estate plan."
I hear this one all the time, especially from parents in their 30s and 40s. But here's the truth: if you have kids, you need a plan. Period. Without one, a judge who has never met your family decides who raises your children. Age has nothing to do with it—responsibility does.
Myth #2: "A will is all I need."
A will is a great start, but it's only one piece of the puzzle. You also need powers of attorney (so someone can make medical and financial decisions if you can't) and beneficiary designations on your retirement accounts and life insurance. Fun fact: beneficiary forms override your will. I've seen families lose hundreds of thousands of dollars because of outdated beneficiary designations.
Myth #3: "My spouse will automatically get everything."
Not necessarily. In Missouri, if you die without a will and have children, your spouse may only receive a portion of your estate. Illinois has its own rules too. And remember those beneficiary designations I mentioned? If your 401(k) still lists an ex-spouse, the money goes to them—not your current partner. The law doesn't assume anything.
Myth #4: "Estate planning is only for wealthy people."
Estate planning isn't about how much money you have. It's about making sure the right people can step in when you can't, whether that's raising your kids, paying your bills, or making medical decisions. A single parent with $5,000 in the bank needs a plan just as much as someone with a million-dollar portfolio.
Myth #5: "Once it's done, I never have to think about it again."
Life changes. You move across state lines. You have another child. A guardian you named gets divorced. Your beneficiary passes away. Your estate plan needs to keep up. I recommend reviewing your plan once a year for about 15 minutes. That small investment of time can save your family months of legal battles and tens of thousands of dollars.
Your one action item this week:
Pick one myth from this list that applies to you. Then take 10 minutes to do something about it. Pull out your will. Check your beneficiary designations. Talk to your spouse about guardians. Just one step.
If you haven't started your estate plan yet, grab our free 15-Minute Estate Plan Annual Review Guide. It walks you through exactly what you need, and what you can skip for now.
And if you want help turning your guide into an actual plan, just reply to this email. I'm happy to point you in the right direction.
To protecting what matters most,
Zach Hunsinger
Hunsinger Law Group, LLC
St. Louis & Chicago