Do you know that many people are scared they or their children will lose their estates after some time or when they die? It can be exhausting to think about wills, trusts, health care directives and powers of attorney, but it is essential to prioritize estate planning sooner rather than later. Do it for your children and family to avoid leaving the state a portion of your estate when you die. Here are five general misconceptions about estate planning that can guide you to having value and plan for your assets.
Misconception: “Hiring an attorney is expensive.”
Fact: Even though hiring an attorney comes at a cost, it is costlier to be without a plan. An Attorney will charge you depending on the size of your estate as well as the complexity of the situation in your family. For instance, If you have stepchildren or a live-in partner, the state might not recognize them in probate unless you include them in your written will.
Misconception: “My assets are small I don’t need an estate plan.”
Fact: An estate plan entails much more than merely a will for your assets. It is about planning for old age, for your children before turning 18 and for your legal and health care issues in case you become incapacitated. No matter how small your assets can be, it is crucial you have an estate plan.
Misconception: “My family is aware of my wishes. I do not need a will.”
Fact: Oral wills are not as guaranteed as a written will. A lot of limitations govern oral endowments. The truth is that your spouse and children do not have to honor those requests. It is advisable to get a competent attorney from a firm like Morgan Legal Group PC to handle your will.
Misconception: “I have a written will. That is sufficient for me.”
Fact: Just as life circumstances and state laws keep changing, your will and estate plans also need to be regularly updated to a crisis in your family after your death. However, you should review your will periodically to soothe your desires and wishes as they change as you go through life changes. Working with an estate planning attorney helps you stay updated.
Misconception: “If you die without writing a will, the government seizes your assets.”
Fact: Every state has strict guidelines as regards who benefits from your estate. In most cases, the surviving spouse receives everything, but your estate could be shared efficiently among your children. A will can reduce the time it takes to transfer your estate through probate. It allows your family to have access to your estate faster than if you do not have a will.