Imagine this.
A mother passes away unexpectedly. She owned a home in Greenwood, had a retirement account, some savings, and a collection of jewelry that had been passed down through generations. She often talked about who she wanted to receive certain belongings, but she never put those wishes in writing.
Now her children are left trying to piece everything together.
They're grieving the loss of their mother while navigating probate, trying to determine who should manage the estate, deciding whether to sell the family home, and disagreeing over sentimental heirlooms.
Sadly, this scenario happens every day.
Most families don't end up in these situations because they failed to care about one another. They end up there because they believed one or more common myths about estate planning. At Vick Law, we meet families throughout Greenwood, Whiteland, and surrounding communities who wish these conversations had happened years earlier. Fortunately, many of these problems can be avoided with thoughtful planning.
Let's take a closer look at four of the biggest estate planning myths.
Myth #1: Estate Planning Is Only for Wealthy Families
This is probably the most common misconception we hear.
Many people believe estate planning is only necessary if you have millions of dollars, own multiple properties, or have a complicated investment portfolio.
The reality is much different.
Estate planning is about protecting people, not just wealth. If you own a home, have retirement accounts, life insurance, minor children, or simply want to make life easier for your family, you can benefit from having an estate plan. Without one, Indiana law determines who inherits your property, who manages your estate, and in some situations, who makes important decisions if you become incapacitated. That may or may not align with your wishes.
Estate planning allows you—not the court—to make those decisions. For many families, the greatest benefit isn't avoiding taxes. It's avoiding confusion, unnecessary expenses, delays, and family conflict during an already difficult time.
Myth #2: A Will Is All You Need
A will is an important document. It allows you to name guardians for minor children, identify who should receive your assets, and appoint someone to administer your estate. But a will is only one piece of a comprehensive estate plan. A will does nothing if you become incapacitated during your lifetime.
Who pays your bills if you're hospitalized?
Who speaks with your doctors?
Who manages your finances if you're unable to do so?
Those situations require different legal documents.
A comprehensive estate plan often includes:
For many Greenwood families, a trust may also be beneficial.
A Revocable Living Trust can help avoid probate, maintain privacy, provide continued management of assets, and make estate administration easier for loved ones.
Whether a trust makes sense depends on your goals, family dynamics, and the assets you own.
Myth #3: Everything Should Be Divided Equally
Many parents naturally assume that dividing assets equally among their children is always the fairest approach. Sometimes it is. Sometimes it isn't.
Every family is different. One child may have special needs. Another may struggle with substance abuse or significant debt. One child may have spent years helping care for aging parents, while another lives across the country. Perhaps one child owns a successful business while another is just beginning their career.
Fairness doesn't always mean identical distributions. Estate planning gives you the flexibility to leave assets according to your family's unique circumstances while explaining your intentions if appropriate.
A trust can also help protect inheritances by providing oversight and ensuring assets are used according to your wishes rather than being quickly spent or exposed to creditors.
Thoughtful planning today can prevent misunderstandings tomorrow.
Myth #4: Estate Planning Is Something You Do Once
Many people believe they can sign their documents, place them in a safe, and never think about them again. In reality, estate planning should grow and change as your life changes.
Marriage.
Divorce.
The birth of a child or grandchild.
Buying or selling a home.
Retirement.
Starting a business.
Receiving an inheritance.
The death of a spouse.
Any of these events may require updates to your estate plan. Even if nothing significant has changed, reviewing your documents every three to five years helps ensure they continue to reflect your wishes and comply with current Indiana law.
An outdated estate plan can create nearly as many problems as having no plan at all.
Estate Planning Is About Peace of Mind
Many people think estate planning is about preparing for death. We see it differently.
Estate planning is about protecting your family while you're living and giving them clarity when you're gone. It allows you to decide who will make financial decisions if you become incapacitated, who will make healthcare decisions on your behalf, who will care for your minor children, and how your assets should be managed and distributed. Most importantly, it gives your loved ones a roadmap during one of the most difficult seasons of their lives. Instead of wondering what you would have wanted, they'll know.
How Vick Law Can Help
At Vick Law, we help individuals and families throughout Greenwood, Center Grove, Bargersville, Southport, and surrounding communities create estate plans tailored to their unique goals.
Whether you're creating your first will, exploring whether a revocable living trust is right for your family, updating powers of attorney, or planning for long-term care through elder law and Medicaid planning, our team is here to guide you every step of the way.
No two families are alike, and your estate plan shouldn't be either.
We'll take the time to understand your goals, explain your options in plain language, and create a plan that protects the people and the legacy you've worked hard to build.
Schedule a Consultation
Don't let common misconceptions prevent you from protecting your family.
Whether you're just getting started or it's been years since you reviewed your estate plan, now is a great time to take the next step. Schedule a call or meeting online HERE or contact with the information below.
Vick Law, P.C.
3209 W Smith Valley Rd #113
Greenwood, IN 46142
📞 (317) 593-9853
Protecting families. Preserving legacies. Helping you plan for every stage of life.
Reference
The Vermont Journal. (May 16, 2026). "Four Estate-Planning Myths That Could Cost Your Family."
Reference: The Vermont Journal (May 16, 2026) “Four estate-planning myths that could cost your family”
