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What is the Truth Behind Common Estate Planning Myths?

What is the Truth Behind Common Estate Planning Myths?

When people think of estate law, there are often many misconceptions that surround it. This may be that estate planning is too hard, too expensive, or does not suit their family. However, it is important to know that this is not the case. Creating a comprehensive estate plan is crucial for everyone. Continue reading below to learn the truth behind certain estate planning myths and contact a New York estate planning attorney for guidance during this time.

Myth: Estate Planning is Only for Money

People are often driven to create an estate plan because of their financial situation. However, this is not the only reason. Estate planning allows a person to make life easier for their loved ones during a time of great loss. This is because it outlines their values and the wishes they have for their healthcare and estate. This allows the loved ones to follow what the deceased would have wanted in order to protect their family.

Myth: Estate Planning is Expensive and Lengthy

Outside of hiring an attorney to assist you in drafting the necessary documents for estate planning, creating a plan helps to save time and money for the future. When you fail to create an estate plan, your beneficiaries have to go through the process of probate. This is lengthy and can cost beneficiaries money and assets at the end of the day.

Myth: Estate Planning is for the Rich

There are many people who believe the average family does not need an estate plan. However, an estate plan does not only work for the wealthy. An “estate” is in reference to everything a family owns. This can be a home, car, bank accounts, etc. A proper estate plan allows a family to provide instruction for future generations of loved ones to handle these assets. It can accomplish the following:

  • Finances are managed in the event of incapacitation
  • Healthcare decisions will be carried out as intended
  • Children and other heirs will be cared for

Myth: Estate Planning is Not Urgent

An estate plan does not necessarily need to be made at an older age. In fact, it can be made at any age. A plan can include documents addressing what to do with assets, healthcare, financial obligations, etc. in the event of incapacitation or disability. While no one wants to consider this may happen to them, it is always better to be prepared rather than unprepared. 

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.

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