Common Estate Planning Misconceptions
When you mention estate planning to people, there are all kinds of misconceptions that immediately pop up. Estate planning is an important process to anyone who has assets they would like to see distributed in a particular way after they have passed on. Before you can truly appreciate estate planning, you first have to get past all of those very common misconceptions.
Estate Planning Is Only For The Wealthy
In the eyes of your state’s probate court system, all estates are treated equally. Whether you have considerable financial resources or not, your estate needs to be planned out prior to your death to make sure your assets go to the right beneficiaries. If you own a house, own a car, or have a bank account, then you have assets that need to be protected by estate planning.
Estate Planning Is Only For The Elderly
Many people make the mistake of thinking that estate planning lawyers are elder law professionals who only cater to an older crowd. Life can be unpredictable, and you never know what can happen from day to day. No matter what age you are, you want to be sure that you have an estate in place when you pass away. The probate courts are just as critical with the estate of a 21-year-old who was in a car accident as they are with a 70-year-old who passed from natural causes.
Estate Planning Is Only About Money
Estate planning can be used to answer many important questions such as issues with guardianship of dependents and the transfer of real estate. There is much more to estate planning than simply distributing the liquid assets in a person’s bank account.
Estate Planning Is Only About Making Up A Will
Estate planning is a comprehensive process that deals with your final wishes, any powers of attorney you may need, and healthcare proxies. Your estate planning attorney may determine that your estate is better protected by using a trust, which initiates a whole different type of process. There is a lot that goes into estate planning, which is why it should only be done with the help of a professional attorney.
Your Estate Is Done Once It Is Established
An estate can, and should be, updated whenever you have a major change in your life. If you get re-married, have another child, come into a considerable sum of money, or have any other major life changes, you should speak to your estate planning attorney immediately.
Anyone can benefit from estate planning, and it is a process everyone who has any type of assets should consider doing. You should find an estate planning attorney you are comfortable with and get about the business of putting your estate in order.