When it comes to estate planning, there is certain information that is widely circulated. It makes many believe they know a little bit about estate planning without ever having even looked into it. Unfortunately, much of this information is typically not the truth or at least not the whole truth. This is why it is crucial that if you are starting an estate plan, you talk things out with an estate planning attorney first to get the whole story.
So what are these common myths you might have heard of about estate planning?
- You’re too young for an estate plan – You’re never too young to think about what happens after you are gone. As they say, life happens and part of that life can occasionally be unexpected death. If you have a family and people you care about, you are never too young to plan for them.
- The state will take it all without a will – If you die without a Will, the state will ravage your estate, right? This is a very widely spread idea, but it is very much false. There will be some fees that come from your estate, but for the most part, it will be divided by intestacy laws. Essentially, it just means all valid heirs get a share. A Will makes it so you can choose who gets what and how much.
- Wills avoid probate – Many people don’t know of probate until they have to deal with an estate. However, after you learn, it becomes a somewhat scary term. Unfortunately, while many believe probate can be avoided with a Will, this is not so. A Will provides specific instructions on how the estate is divided, but you still have to go through probate so the court can see it carried out.
- My family won’t fight over my estate – Oh boy! You’d be wrong. It seems tawdry and unimaginable that a family as close as yours would fight over something as basic as money, but it’s going to happen. If you have multiple children, they will all have their own idea of what is fair, and fights will happen. This is why an estate plan needs to be in place to prevent these fights.
Did learning the truth on these misconceptions change your mind on how you should estate plan? Contact us today to see what we can do to help your family in the event of your passing.