Common Myths About Estate Planning Busted
Estate planning is an important part of protecting the future for you and your family. Unfortunately, estate planning can become complex and there are many myths about the process, what it entails, and who it is for. Below, our Volusia County estate planning lawyer busts some of the biggest misconceptions we have heard.
Small Estates Do Not Require Planning
People sometimes mistakenly believe that they do not have to plan for their estate if it is not very large. Truthfully, all adults own some type of property and so, they have an estate. If you have a bank account, home, furniture, a vehicle, jewelry, or life insurance policy, it is important that you create an estate plan. An estate plan can ensure that you choose your beneficiaries, and that they receive the property you left to them after you pass away.
Estate Plans are Not Necessary for Younger People
It is understandable that seniors and the elderly need an estate plan. Older generations are at a time in their life when it seems more natural for them to start planning for what will happen after they pass away. Younger people do not always have this mentality and they mistakenly believe that they do not need an estate plan. Unfortunately, no one can predict the future and anyone can become incapacitated or involved in a fatal accident at any time. As such, all adults should have an estate plan in place regardless of their age and particularly if they have a child or a spouse.
Spouses Receive All Property After the Death of Their Partner
One of the most common misconceptions about intestate law is that a spouse receives all property after the death of their partner. The intestate laws in Florida, though, do not dictate that a spouse receives all of their deceased partner’s property. If a person passes away and leaves children behind, they automatically receive certain property. Only assets that are jointly owned by the deceased and their surviving spouse are automatically transferred to the living spouse.
One Person Can Distribute All Property
Sometimes, people think that they can simplify their estate plan by leaving all property to one person who will then distribute it after a death. However, this does not ensure that your beneficiaries will receive the assets you intended for them. The person you leave all property to will not have any legal duty to distribute the assets according to your wishes. If they do not comply with your wishes, your heirs will not have any legal recourse. You should create an estate plan that specifically names your beneficiaries, and any property you want them to receive.
You Do Not Need an Estate Planning Lawyer in Volusia County
A quick online search will bring you to many DIY forms and templates, so it is easy to assume that you do not need to work with a Volusia County estate planning lawyer. Estate planning is far more complex than these forms, though, so it is important to have legal advice. At Bundza & Rodriguez, our experienced attorneys can provide the advice you need and make sure that you and your family are protected. Call us now at 386-252-5170 or contact us online to request a free review of your case.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html
