Debunking the Most Common Estate Planning Myths That Exist Today
Have you ever wondered what will happen to your estate when you die?
Everyone must have a plan in place for their family and loved ones. Estate planning is the process of making decisions about how to distribute your property after death. The best way to do this is by creating an estate plan, which can be done with or without an attorney.
However, many people believe several common myths about estate planning. It’s important that you’re aware of the facts, as they affect your loved ones and your family’s future.
These are some of the most common estate planning myths that exist today.
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You Don’t Need the Best Lawyer to Write Up Your Will
One of the best ways to protect your family is with a will. A will is an official statement stating how you want your property distributed when you die, what type of care you would like for any minor children in your care, and who is best suited to be their guardian.
A lawyer can draft this document for you. Some people may try to save money by avoiding attorneys altogether. However, without proper estate planning documents in place, the distribution of assets could become complicated and lengthy before finally settling.
A will is a legal document and must adhere to specific guidelines. If not created properly, your will could become invalid. An attorney is best qualified to ensure your will stands up in court.
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I Do Not Own Much Property to Plan for
Many people believe that because they don’t own a lot of property, they don’t need an estate plan. However, almost every person has a property that needs to be distributed upon death. This can include cash, bank accounts, insurance policies, and other valuables.
In addition to this tangible property, many people have the bulk of their wealth tied up in a home or business. By having a will or trust drawn up, you can make sure your loved ones inherit these valuable assets as best fits your wishes.
It doesn’t matter how much or little you own. It’s best to set up a plan in case the worst happens, and you pass away unexpectedly.
I’m Too Young to Plan for Death
This is a prevalent myth. Many people believe they don’t need to plan because they’re young, and death is a long way off. Of course, you hope it never happens to you, but the best time to have an estate plan in place is now.
Without proper documents in place, your family could be left with nothing when you pass away unexpectedly. Estate planning helps protect them as best as possible from undue stress and financial hardship during a difficult time. In addition, assets are distributed as best fits the wishes of those involved.
A Will Is All I Need
A will is a good part of an estate plan, but it’s best not to stop there. Without other documents in place, your assets could be distributed in a way that is not best suited for you and your family. In addition, without the proper documents, assets may not pass to who you would like them to.
Depending on your financial situation and specific wishes for after your death, additional estate planning steps may need to be taken to ensure everything is handled properly. Talk with an attorney about what best fits your needs.
Handle Estate Planning the Right Way
Make sure you are aware of the most common estate planning myths. A best practice is to have the best attorney draft your documents, as this best protects your family and assets.
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