The Truth About Common Estate Planning Myths
Many people have misconceptions about estate planning, and that lack of understanding can be costly in more ways than one. Therefore, it’s important to seek the help of an experienced estate planning attorney who can clear up these misconceptions.
The following are some of the most common estate planning myths and the truths behind them:
Myth: Only wealthy people benefit from estate planning
Most people benefit from estate planning, no matter how much money they make or how much property they own. Estate planning gives you control over how you will pass on your property or money accumulated over a lifetime. If you want to make sure your estate is divided among your heirs according to your wishes, then you must have an estate plan.
Myth: I don’t need to start thinking about estate planning until I’m older
You’re never too young to start thinking about your estate plan. It might be rather simple when you’re in your 20s or 30s, but it’s better to have an existing plan and modify it throughout your life than to just wait until you are closer to old age. Unfortunately, none of us can guarantee that we will live as long as we expect. And if you have young children, it’s essential that you make plans to provide for their care in the event of your death.
Myth: I have a will, so I don’t have to worry about probate
A will helps the court carry out your wishes, but it does not bypass the probate process. If avoiding probate is your goal, you will likely need to establish a trust, through which you will pass your assets to your designated beneficiaries.
Myth: I don’t need an estate planning attorney
Even a simple will is best drafted by an experienced attorney who can ensure its terms are clear and authoritative, lessening the chance it will be contested. And there are other estate planning situations in which you will absolutely want (and need) an attorney advising you. Many estate planning documents and processes can be quite complicated to individuals who do not have experience with them.
To get started preparing for your future, contact a central Virginia estate planning lawyer with Miller Law Group, PC.