The Top Estate Planning Myths Debunked
Multiple studies have shown that while the majority of Americans understand the importance of drafting a will and a comprehensive estate plan, fewer than half of the people in the country have actually written one. There are many reasons people put off estate planning for another day. Some of these are rooted in the many myths regarding estate planning that have been around for decades.
Believing these myths does not protect you but instead, it can hurt you and your family members in the future. Below, our Daytona Beach estate planning attorney debunks the most common myths.
Estate Planning is Only Important for Seniors
Truthfully, no one knows what the future will bring. Tragically, people can pass away at a young age and so, it is critical to have an estate plan in place in the event of a sudden death. Additionally, estate planning is not only about death. It is also about planning for incapacitation.
If you suddenly become incapacitated and cannot make decisions for yourself, others may be given the authority to decide on your behalf. If you have not named someone in your estate plan to do this, another person could make decisions for you and that individual may not be someone you would have chosen.
Estate Planning is Only Necessary for Wealthy Individuals
You may not think that you need an estate plan because you do not have an estate to protect. Truthfully, though, most people have an estate even if they do not realize it. Even if you only have a bank account, you have an estate. Estate planning is not about the amount of assets you have. It is about clarity, control, and protection for your family members. It is about ensuring that your wishes are respected, even if you have few assets to distribute.
My Spouse or Adult Children Know My Wishes
Expressing your wishes to close family members is important, but it is not enough. Without proper legal documents, your spouse and adult children may not have any legal authority. They will face additional costs, court delays, and possibly even legal disputes to inherit your assets or act on your behalf. This is particularly true if you have a blended family, as the law becomes more complex in these situations.
Wills Avoid Probate
In fact, wills require probate. One of the first steps in probate is proving, or confirming, the will. Although drafting a will does not bypass the probate process, it can help control it. To avoid probate you will need to use tools such as beneficiary designations and revocable trusts.
I Do Not Have Time to Plan My Estate
Estate planning does not have to be costly or take a great deal of time. When working with the right attorney, proper estate planning can take just a matter of hours or weeks, depending on the complexity of your estate.
Our Estate Planning Attorney in Daytona Beach Provides Sound Legal Advice
If you have delayed estate planning due to any of the above myths, or any others, it is important to take the first step today. At Bundza & Rodriguez, our Daytona Beach estate planning attorney can help you create the plan you need to protect yourself, your loved ones, and your property now, and in the future. Call us now at 386-252-5170 or contact us online to schedule a consultation to get more information.
Source:
investopedia.com/most-people-know-the-importance-of-a-will-but-less-than-one-third-actually-have-one-11859344
