Estate planning is one of the most confounding topics of debate. Some people often form several misconceptions and do not realize what they want? For instance, one may need financial planning instead of estate planning, whereas others may want an estate plan but end up doing financial planning. Some people also think that they are too rich or too poor to indulge in any sort of estate planning. You need to realize that estate planning is a fundamental part of a comprehensive financial plan. In this article, an estate planning lawyer near me 11565 will break down four commonly known estate planning myths.
Estate planning is something that should be a part of your entire life’s financial plans. It is about defining your life’s journey such that you live your legacy. You can ensure that the people or the loved ones who depend on your income stay protected once you are gone or become medically incapable. It also means communicating your wishes and decisions in such cases so that someone can make those decisions on your behalf once you are under long-term medical care. Estate planning can help you define who can make crucial healthcare or legal decisions on your behalf. Let us look at the four common myths surrounding estate planning.
Myth 1:- You Need to Have Deep Pockets to Hire Estate Planning Lawyer Near Me 11565
More often than not, people believe that only high-class wealthy people can benefit from estate planning, which could not be farther from the truth. An estate planning lawyer near me 11565 tells us that estate planning can benefit everyone with an estate no matter its size or worth. If you are the property owner and have to provide for your loved ones under your care, you need an estate plan in place.
Assets such as a car, home, stocks, investments, band accounts, and others all fall under properties. So your age, marital status, property, or wealth size does not matter during estate planning. It is even more crucial if you want to protect the best interests of your family and friends. You can accomplish the following goals with proper estate planning:-
- Ability to avoid probate ( a process that determines the validity of your will)
- Name your heirs( family members, organization, friends, loved ones) whom you wish to provide your estate upon your death.
- Protect the interests of your loved ones and leave your legacy behind for them.
- It gives you the ability to manage your tax exposure.
- Naming the executor of your will
- Provides the ability to convey your preferences or wishes, such as funeral preceding, health care decisions, etc.
Myth 2:- Estate Planning is Only About Naming Your Heirs and Distributing Your Assets
Aside from naming your heirs, forming a will, and distributing your heirs, estate planning also incorporates legacy planning, planning for unexpected events. A person’s legacy is unique to their family. It goes beyond monetary transfers such as planning goals, charities, etc. You also pass down the key values, practices, experiences, knowledge, memories, and more to your family. Planning for uncertainties is also under estate planning, such as naming a guardian for your minor child or children who can make decisions on your behalf once you are incapable.
Myth 3:- A Will can Ensure and Oversee the Asset Distribution.
A will is a document that helps you legally transfer your assets to your loved ones upon your death. You have to name an executor who will be in charge of executing the will. Your loved ones have to go through the probate process to execute the will properly. Although, some assets such as insurances, retirement funds, pay on death may not be properly listed in your will. So it may create complications for your loved ones during the probate process. Consult an estate planning lawyer near me 11565 to plan other legal documents that can protect your family’s interests.
Myth 4:- An Estate Plan in Place Doesn’t Need to be Revised Over Time.
People often think that an estate plan does not need to be revised once finalized. It is one of the most misunderstandings that people need to be clear of. Suppose a person gets a divorce after he has placed an estate plan in place. Now they may have listed their spouse as a beneficiary. So after the divorce, it is crucial to rename their beneficiary to a family member they would like to transfer the designation.
Final Words on Estate Planning Lawyer Near Me 11565
Consult an estate planning lawyer near me 11565 to learn more about these myths and ensure proper estate planning occurs. They can help you get by all these misconceptions and make the right decisions.
