Everyone has an estate and everyone, regardless of age or net worth, needs a plan. You have loved ones that depend on an orderly transition and it is critical to protect their interests. In addition, planning is not a one-time event, it evolves and changes as your life circumstances change. Look at the plan and update it at least every 4 to 5 years. Myth#3, as outlined in the article, is especially important. A will does not oversee the distribution of all your assets. Assets with beneficiary designations (401k, IRA’s), or POD/TOD designations, transfer directly to the beneficiaries designated regardless of what your will says. Thus, it is critical that these designations remain current and coincide with the wishes expressed in your will.