Friends, family, acquaintances, and the internet are a breeding ground for estate planning myths. These myths can lead to a failure to plan or a plan that fails. To set the record straight, we are dispelling 7 estate planning myths in this three part article.
1. Estate planning is only for the rich. Myth!!!
Estate planning is really for anyone who cares about someone else. If you want to take the burden off your loved ones’ shoulders, keeping expenses, hassle, and time delay to a minimum, estate planning is for you.
If you want to provide for your spouse and children, you need estate planning.
And, estate planning is for anyone who wants to remain in control. If you want to determine who will manage your finances, make health care decisions on your behalf, wind down your financial life, and receive your assets after your death, you need estate planning.
If you want to decide who raises your minor children or cares for your pet, you need estate planning. If you want to keep your children out of foster care, you need estate planning.
In California, surviving loved ones of persons who die with estates in excess of $150,000 are at risk for having to endure the costs, delays and public scrutiny of formal probate proceedings.
2. I can do my own estate planning. Myth!!!
Would you do your own brain surgery? You can find directions on the internet.
Doing your own estate planning is like doing your own brain surgery. It’s possible, but not practical and can have many unexpected negative results.
Estate planning is much more than filling in names on a form document. Effective legal documents are carefully crafted and personalized to each person’s needs and goals. Qualified and experienced estate planning attorneys understand how each document will work when it is needed.
Form documents may save money up front, but can often wreak havoc and cost big bucks later. Do-it-yourself trust kits and internet forms increase the risk for lawsuits and family discord.
Form documents cannot fit your particular situation, answer your questions, address your concerns, or support your family in their time of need.
Please continue with part 2 of our 3 part article: Continue Estate Planning Myths.
- The Importance of Updating Your Estate Plan as You Age - March 29, 2023
- Protecting Your Assets in Retirement: Estate Planning Tips - March 27, 2023
- Estate Planning for Small Business Owners - March 25, 2023
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