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Estate Planning Myths Debunked by Legal Experts

  • July 8, 2024
  • 3 min read
Estate Planning Myths Debunked by Legal Experts

It is already challenging enough to handle estate information, and with the help of misinformation, it may seem impossible. Schedule your consultation with legal personnel today and worry no more as the legal wheels turn for you. In the meantime, let’s have a look at some common myths to help you navigate this important step:

Myth #1: Why Do I Have to Worry about Estate Planning when I am Not Rich?

That being said, do not be mistaken if you do not have millions, then planning for the estate is out of the question. So, whether a person has a small amount of assets, the plan will help avoid compromises and follow the given instructions. Without one, the state regulates the shares of property, which may contradict your wishes.

Myth #2: My will takes care of everything

A will is a very relevant document, but it is not the only one that can be useful in solving this problem. Wills, in most cases, are subjected to probate, which is a time-consuming process and can be costly, not forgetting the fact that it is a public affair. Furthermore, wills do not allow you to direct where any assets that are owned jointly with someone else or are held in your name as a tenant in common, go after your death.

Myth #3: Only Married Have to Plan Their Estate.

Estate planning is not something limited to couples; it can be done by anyone regardless of their marital status. Regardless of marital status, number of children, or type of living arrangements, a plan ensures you share what you own with your intended beneficiaries. It can also name the custodians for minor children in your will and reduce the taxation burden on your beneficiaries.

Myth #4: In essence, estate planning is expensive.

Thus, although it may take some effort, money and time when organizing large complex estates, basic estate planning is fairly cost-effective as many people imagine. Compare the expense of probate court with the cost of drafting a simple will and a power of attorney. Many legal professionals need to undertake consultations and package services according to the different requests.

Conclusion

Legal professionals believe that residents will only be able to effectively plan their estate when they know current myths. Educating yourself for the future presents a feeling of security and also safeguards your loved ones. You can always consult a professional for specific advice based on your particular case and come up with a plan that suits you best.

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