In recent weeks, Aretha Franklin passed away without an estate plan in place. She is not alone. According to a 2017 survey from Caring.com, over 60% of Americans do not have a living will or trust established. No matter if you live in Los Angeles or anywhere else in the US, estate planning is one of the most important areas of financial planning. Building and maintaining your estate plan is the only way to ensure your wishes are met and loved ones are taken care of. An estate plan is also essential for maximizing your health care quality and protecting your wealth if you become incapacitated. Here are some common fallacies when it comes to estate planning.