5 Myths About Estate Planning5 Myths About Estate Planning
November 20, 2017 • estate planning
Few people want to talk about planning for their estate after they’ve passed away. However, they do their loved ones a disservice when they fail to make sure they provide for their family members. Inform yourself on what estate planning is so you can make plans now.
Here are a few myths about estate planning from West Palm Beach estate planning attorney Todd A. Zuckerbrod:
Only the Wealthy Do It
While rich people tend to consider it more, everyone has an estate that will pass to their loved ones upon their death. Bank accounts, retirement funds, belongings, vehicles, homes, and much more constitute an estate that will need distribution among your surviving family members. Make sure you don’t leave them in the lurch because you think you don’t make enough to worry about it.
That’s for Old People
Death comes for all ages; if you fail to plan now, your family could be unprepared if you were to die suddenly. Protect your estate and your family with thoughtful planning, and remember that it’s never too early. Be prepared for all possibilities and make your plans today, not tomorrow.
My Spouse Will Get It All
Marriage does simplify the process of estate division, but that does not mean difficulties won’t arise. What if your spouse decides to get married again? What if your spouse dies when you do? What if the family disputes parts of the estate for which you failed to plan? These are circumstances to prepare for to make sure the right family members get the right inheritance. Help your family now by making a careful plan ahead of time.
Lawyers Are Too Expensive
There are several options that don’t involve hiring a lawyer to create a will, but it’s not usually in your best interest. The peace of mind that comes with knowing that someone who truly understands the law will handled your estate, is a priceless benefit. Also, depending on the size of your estate and your plan for dividing it, you may be able to create a will fairly inexpensively with the guidance of an attorney. Some employers also offer will drafting services as a benefit for their employees.
A Will’s a Will
Many people believe that one will is sufficient and only make plans to have a last will drafted. However, what if you have medical issues requiring planning or decisions as you approach death? In this case, you must have a living will in place that makes your wishes clear regarding your treatment, if you no longer have the capacity to decide for yourself. Finally, keep in mind that your decision to make such a will is not final. You may change or revoke it at any time.
Many issues can arise in the aftermath of someone’s death. Proper estate planning ensures that there are answers to many of those questions. By taking the time now to plan for what happens to your estate after your death, you take responsibility for yourself and lift the burden from your grieving family.