Debunking Lies – 6 Myths about Estate Planning Busted
Currently, more than 60 percent of American adults are cruising through life without an estate plan. The reason behind this varies from person to person, but it’s not too hard to understand why people procrastinate or avoid settling their affairs.
The thought of not being on this planet and dying isn’t exactly pleasant. Imagining a future where you aren’t there to take care of your loved ones is a hard pill to swallow. To protect themselves from facing the fact of their own mortality, people avoid estate planning in Brooklyn.
On the other hand, people don’t think they need one. They make assumptions based on misinformation and myths. Unfortunately, many people fall victim to these misconceptions, leaving their family and loved ones scrambling to make sense of what to do.
Here are some common myths about estate planning in Brooklyn lawyers hear frequently. If any of these are familiar to something you’ve heard before, it will do you a favor to reconsider your choices.
Myth #1 – Estate planning only benefits the fortunately wealthy.
Out of all other myths, this one is certainly the most popular. Insufficient knowledge about the subject often creates the fallacious belief that only the rich have enough in their vaults and pockets to benefit from estate planning in Brooklyn.
The fact is that anyone with a house, a car, life insurance, and savings is applicable for an estate plan. Having your affairs in order is just a way to ensure what you own goes to the right person, no matter how big or small.
Myth #2 – I don’t have any children and my estate will automatically go to my spouse.
Yes, your spouse is entitled to receive your entire estate; assuming you don’t have children or a prenuptial agreement. However, this doesn’t mean the transfer will be automatic and without any issues.
There is a possibility of your spouse having to go through the probate process. This could take months or even more, depending on the complexity of your financial assets. Estate planning in Brooklyn is a way you can save your spouse the trouble of undertaking an arduous task while they grieve.
An estate plan also enables you to give the power of attorney to your spouse (or someone else in case of your spouse’s death) to make medical decisions if you become disabled.
Myth #3 – It’s too late or too early for me to begin estate planning.
Quite on the contrary, it is never too late to hire an estate planning lawyer in Brooklyn. It’s only too late if you are already dead. Until then, you can create and modify the estate plan anytime you see fit.
Plus, you never know when you’ll need the benefits of an estate plan; case in point, a mental or physical disability that renders you incapable of making financial and medical decisions on your own.
As for being too young, if you’re a legal adult, it doesn’t hurt to have a plan. Estate planning in Brooklyn is not just about naming who gets what. It is also a plan that will help your loved ones make medical decisions in case you are disabled. On the more grim side of things, an estate plan will also help them make decisions on life-sustaining measures if you have a terminal illness.
Myth #4 - I can DIY my way to an estate plan.
Unless you are an estate planning lawyer in Brooklyn yourself, it is highly recommended you DON’T undertake estate planning on your own. A lack of technical knowledge can lead to disastrous consequences.
For instance, the document may not be applicable to your family situation or potentially face troubles during the execution process. Either way, letting the expert sort out the details is well worth the money you will spend as you’ll be making things easier for the people you leave behind.
Myth #5 – I fear my lawyer won’t understand and judge a complicated family situation.
This is as far from the truth as possible. In actuality, lawyers have seen it all. From messy, broken marriages to vengeful and greedy family members, estate planning lawyers in Brooklyn are prepared to face whatever comes their way.
Years of law school, internships, and the bar exam all make them used to complicated situations. Also, no lawyer in good conscience will pass judgment on whatever your family situation might be. On the contrary, they might be in the position to resolve disputes and prevent conflicts with logical solutions.
Myth #6 – Once I plan my estate, I won’t be able to change it.
Once again, we have a misconception rooted in false information. Estate planning in Brooklyn isn’t a “one and done” proposition. The policies around it are built to accommodate however your life changes over time.
Marriage, divorce, birth/adoption of children, death of beneficiaries, accumulation of more wealth or property, etc., all change the plan. In addition to that, external influences such as tax laws, financial markets, and various economic events also impact your estate.
With that in consideration, you can always revisit and change your estate plan as long as you are alive. Your estate planning lawyer in Brooklyn will guide you navigate these changes so you can make the best decisions for your family.
Myths are just that… Myths
Whenever it comes to a subject out of the common man’s expertise, lack of knowledge and misinformation can muddle what people believe. Out of the confusion arise myths that deter people from taking necessary steps.
When it comes to estate planning, it is better to seek out professional advice. This way, you’ll be making a well-informed decision under the guidance of someone who understands the technicalities of the documents, along with the value they hold for you and your loved ones.