There are many myths surrounding the idea of estate planning that can cause a person to procrastinate creating theirs. However, creating an estate plan is one of the most important things a person can do for themselves. Continue reading to learn about the most common estate planning myths and the truths behind them.
A Will Oversees All of My Asset Distribution
A will allows you to outline your desires for your assets after your death. This can include real estate, automobiles, certain accounts, family heirlooms, and more. However, there are limitations, as joint accounts or accounts with beneficiaries cannot be given away in a will.
I’m Done Once My Assets Are In Order
It is scary to think about possibly becoming incapacitated at some point in your life. However, it is important to have a plan in place if you are unable to care for yourself. Plans can include detailing the treatment you would want in this situation or appointing a healthcare proxy to make decisions for you.
I Can Make an Estate Plan When I’m Older
An estate plan can be made at any point in life. It does not only have to be as an older individual. In fact, it should be as soon as you begin to gather assets in your life. This is because life is unpredictable and it is better to always be prepared rather than not.
I Cannot Change an Estate Plan Once I Make It
Estate plans should reflect the changes that happen in your life. This includes any financial or family gains or losses. Estate plans should be reviewed either every three to five years or after a major life event.
It’s Too Complicated
It can seem overwhelming to make an estate plan. However, this is why it is important to retain the services of an estate planning attorney to help organize your assets and set goals. This ensures there is no difficulty when it is time to administer the estate.
Estate Planning is For The Rich
Everyone has assets of their own, not just the wealthy. This can include real estate, household possessions, vehicles, family businesses, retirement or savings accounts, investments, and more. It is because of this that everyone should have an estate plan.
Contact our Firm
The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.