Four Common Myths About Estate Planning
Approximately two-thirds of Americans do not have an estate plan in place. There are likely many reasons for this, but one of the most common is that people mistakenly believe some of the biggest myths surrounding this type of planning. Below, one of our Kennewick estate planning lawyers outlines what these are, and the truth behind them.
I am Too Young to Start
Many people think that estate planning is only necessary when they are older and have accumulated a significant amount of assets and property. This is not true. All adults have an estate whether it consists of multiple real estate properties, a vehicle, or even just a bank account. You want to make sure these are distributed according to your wishes when you pass away. You should also create an estate plan that names a person to make decisions on your behalf in case you become incapacitated, as this can happen to anyone at any age.
Estate Planning is Only for the Rich
Estate planning is not only for the wealthy. Estate planning can ensure you receive the medical care you want, or avoid that which you do not want, if you become incapacitated. It can also plan for what will happen to your children if you are no longer able to care for them, and how your assets will be distributed upon your death. Estate planning is appropriate for anyone who might suffer a serious illness or pass away. In other words, it is appropriate for everyone.
Naming a Guardian is Unnecessary, as the Children will Stay with Family Anyway
It is true that the courts will likely try to keep your children with members of the family. However, the courts will not know which family member you prefer. Any member of the family who wants guardianship can make a case for it to the courts. A judge will choose the person they believe made the strongest argument, who may not be your first choice. But this hassle and expense can be avoided with simple guardian designations in your will.
The DIY Forms Online are Enough
Many people think using a Kennewick estate planning lawyer is too expensive, particularly when there are so many DIY forms online. These forms, though, are not a one-size-fits-all solution. They will not take into consideration your specific needs or circumstances. Additionally, if you make a mistake, it may render your estate plan void and your estate will be left to the court to determine what to do with it. Using an estate planning lawyer is more affordable than you likely think, and can ensure your plan is strong and thorough. All estate planning is a gift you are giving to those you leave behind, do not leave the validity of that gift up to an AI Chatbot or Google search.
Our Estate Planning Lawyers in Kennewick Can Provide Sound Legal Advice
There are too many myths out there about estate planning which is why when creating yours, you need sound legal advice. At Moulton Law Offices, P.S., our Kennewick estate planning lawyers can provide it so you and your family are protected now and for years to come. Call us now at 509-328-2150 or contact us online to request a consultation and to get the legal help you need.
Source:
cnbc.com/2022/04/11/67percent-of-americans-have-no-estate-plan-heres-how-to-get-started-on-one.html
