Common Misconceptions About Wills And Trusts
A quick online search may seem like the best way to start estate planning but instead, this can lead to a great deal of misinformation. Laws in one state may differ from those in another, and well-intentioned people may contribute to threads and conversations, even though they do not entirely understand estate planning. There are many common misconceptions about all estate planning components, but some of the most prevalent surround wills and trusts. Below, our Daytona Beach will drafting lawyer explains further.
A Will Helps Loved Ones Avoid Probate
Helping loved ones avoid probate is often a goal for many people who want to create an estate plan. Unfortunately, a will alone does not accomplish this goal. In fact, one of the first steps in probate is proving, or validating, the will. If you want to help your loved ones avoid probate, there are other estate planning tools that can help such as transfer-on-death accounts, revocable trusts, and jointly titled assets.
Not Everyone Needs a Will or Trust
Many people are happy to forgo drafting a will or trust, thinking that the intestacy laws will distribute their property in the manner they want. However, creating a will or trust can streamline the process, and potentially allow your heirs to receive their inheritance earlier. If you have any property, even just a bank account, or a child or pet, estate planning allows you to retain total control over what happens to your property, and any dependents, when you pass away.
All You Need is a Will
It is not uncommon for people to understand that they need a will, but they overlook the importance of other estate planning documents. A will can determine who will inherit your property after you pass away and even name a guardian for your minor children. Still, wills have limitations of their own.
Your will only becomes effective after you pass away. Due to this, it cannot stipulate who will care for you, manage your legal and financial concerns if you become incapacitated, or what end-of-life treatment you receive. Only other estate planning documents such as living wills, trusts, and powers of attorney can accomplish these tasks.
Trusts are Only for the Wealthy
Trusts are important estate planning tools, but it is a common misconception that they are only useful for the wealthy. Trusts do much more than transfer property, though. They can also help you provide for a disabled child without risking their government-provided benefits. They can also give you more control over your property after you pass away by ensuring property is not sold with the proceeds being distributed among your beneficiaries.
Our Will Drafting Attorney in Daytona Beach Can Provide the Legal Advice You Need
When planning for your estate, relying on advice found online is not always the best option. At Bundza & Rodriguez, our Daytona Beach will drafting attorney can provide the legal advice you need, help you identify goals for your estate, and execute the necessary documents so they are legally enforceable. Call us now at 386-252-5170 or chat with us online to schedule a consultation and to get the legal help you need.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
