Like many people, you probably think that estate planning is too confusing. While the process can be hard to understand, you can always work with an estate lawyer to figure out the best way to move ahead. After the initial case evaluation, your lawyer will discuss the estate planning documents that you need. In this post, we are debunking some common myths about creating an estate plan.
- Only the rich need estate planning: That is certainly a myth. You may own very little, but upon your death, you would want the assets and properties to go to the right people. With estate planning, you can plan for almost every contingency.
- A person is too young to have an estate plan: Again, there is no better time to spend time and effort on estate planning than now. There are many cases where immediate family members had to deal with hurdles because their loved ones died without a Will.
- Not everyone needs a lawyer: Well, this one is a mixed bag. Yes, there are online services that allow you to draft a Will, but estate planning is much more complicated and should be a personalized process. While you don’t necessarily need a lawyer, you should hire one for expertise.
- One needs to have a trust: While living trusts don’t have to go through the probate process, it doesn’t mean that everyone needs to have one. There are ways to simplify probate for small estates in many states. Talk to your attorney if you will likely benefit from creating a trust.
- You can save money by creating a trust: Creating a revocable living trust comes with upfront costs, and you may not directly save on estate taxes. However, a trust offers much better control on your estate. Talk to an attorney about how to protect your money and reduce taxes.
- You need a lot of time to create an estate plan: With experienced estate planning lawyers, there is very little that you have to do. Yes, you will need to discuss your wishes with the attorney, but they will handle the paperwork and everything else related to the process.
- My spouse will inherit everything: Whether you want that or not, you need to create the proper documents to ensure everything happens as per your wishes. You can even choose to disinherit a spouse in certain circumstances.
Talk to an estate planning lawyer now!
