Estate planning undoubtedly remains one of the most misconceived term in the human society. Many individuals around the world assume it is a foreign term best suited for some category of people, while others see it as an entire waste of time and resources. Well, this article will filter off this untruths and help you see the light of estate planning.
Common Estate Planning Misconception
The following misconceptions affect estate owners who have no idea of how beneficial estate planning can be for them and their loved ones.
- Estate planning is for the rich: At some point in our lives, this must have popped up in our mind as to why a middle class individual should plan an estate or how big this individual’s house is and what not. These thoughts are driven by the fact you don’t know what an estate is. An estate is anything of value you possess and would want someone to be in possession of someday, from jewelries, to cars and houses etc. These items altogether make up your estate, and certainly anyone reading has something of value they want preserved and inherited someday. Everyone, from an average earner to a multimillionaire needs estate planning as it is a life planning process.
- I am too young to plan my estate: From the legal age that marks adulthood (18) you are entitled to have a will of your own. Quite painfully we are all aware that life can change on a dime and there is no guarantee for immortality, but, isn’t that what makes ‘life’, life. Howbeit, the best we can do for ourselves and loved ones is to engage in quality estate planning, as soon and as early as we can.
- A will covers all of my wishes: A will appears to be a relatively easy to make document, that most times people try to cut cost by leaving out professional consultation of an Estate planning attorney. This doesn’t spell good if you are looking to get quality estate plan, as you are likely to spend more in the long run.
A will is most likely to undergo probate (a legal process to verify authenticity of a will) – this takes a lot of time- and there are laws you might have missed out drafting your will by yourself, this might risk its authenticity and invariably prevent your last wishes from being honored.
- An estate plan covers only property: This a misconception that hinders utmost benefits of having an estate plan. An estate plan isn’t just about assets or property. It also deals with personal matters.
In the event of incapacity, an estate plan includes directives such as health proxy, which enables a trusted appointee makes decision when you are incapable of doing such. In addition, if you have young children, an estate plan enables you to appoint a guardian for their care following your death.
- Final documents complete my estate planning process: It’s never until it is over, and having established a plan in place is never enough. You need to always review your plan over time as estate laws are ever dynamic and you need to be in sync so as not to be left in the dust and have to forfeit your progress thus far.
Laws, circumstances and individual changes might occur over time. Thanks to the flexibility of estate planning, you can easily update your plan periodically with your estate planning attorney. As your life changes so should your estate plan.
These and much other misconceptions have affected numerous individuals looking to plan their estates.
Call our office today to hire the best Estate Planning Attorney In New Jersey
Estate planning professional consultation and help is readily available to every individual and it is not for the wealthy and high income earners alone, as addressed in the above misconceptions. An experienced attorney will guide you through the best estate plan and ensure that your best interest are fulfilled and the best of what you have are passed down without complications to your loved ones.
That being said, you need not stress searching for the right attorney, as our firm offers the best estate planning attorneys in New Jersey, kindly give us a call today, and get the best estate plan for what you desire.