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Estate-Planning Myths

Estate planning is a subject many individuals aren’t well versed in. Many people don’t want to go through the process of hiring an estate-planning lawyer to develop a plan. Because of this, people often procrastinate and wait last minute to create an estate plan. There are many myths associated with estate planning. Below are FIVE estate-plannings myths that can be easily debunked.

  1. I’m Too Young to Worry about Estate Planning

  • When a person is young and healthy, they are not thinking about the disbursement of his/her assets. However, estate planning isn’t only about assets. An estate plan also includes nominating a guardian, a durable power of attorney and a health care surrogate designation.

  1. I Don’t Have Enough Assets for Estate Planning

  • When a person considers his/her assets, he/she often refers to the size of his/her estate. Even though someone may not have a large estate, that doesn’t mean they don’t have important assets that need protecting. A person still needs a a designated person to manage assets, such as photos and personal property, after death.

  1. My Spouse (or Children) Will Get Everything Anyway

  • This isn’t always the case. For example, if a person gets remarried and doesn’t update his/her will or living trust before passing away, the new spouse won’t receive any assets.

  1. My Family Will “Do the Right Thing”

  • It is important to have a plan. Although you want everyone to act selflessly and follow the interests of the past loved one, there is always the chance of one person acting selfishly.

  1. I Can Just Use a Form and Write My Own Will

  • There are different rules for handwritten wills in different states (read out blog “What’s the Deal with Handwritten Wills?”). Also, a proper estate plan doesn’t only involve a will; therefore, a person should still seek council when developing a plan to avoid the expensive, stressful probate process.

Sources:

http://www.upchurchlaw.com/florida-estate-planning-myths/


https://www.forbes.com/sites/financialfinesse/2012/10/03/10-common-estate-planning-myths-that-can-be-detrimental-to-your-family/#60430e124f26

https://www.araglegal.com/individuals/learning-center/topics/planning-your-legacy/estate-planning-myths