Certain misconceptions that surround the notion of estate planning can often deter a person from choosing to create their own. However, having an estate plan is extremely important and everyone should have one. Continue reading below to learn about the truths behind the most common estate planning myths.
A Will Oversees All of My Asset Distribution
By having a will, you are able to outline what you want to happen to your assets when you die. This accounts for any real estate, automobiles, certain accounts, family heirlooms, and more. However, there are limitations to this. Joint accounts or accounts with beneficiaries cannot be given away in a will.
I’m Done Once My Assets Are In Order
No one wants to think about the possibility of becoming incapacitated at some point in their life. However, in the event that it does happen, it is crucial to have a plan in place. This can include an outline of the treatment you would want or have an appointed healthcare proxy to make these decisions for you.
I Can Make an Estate Plan When I’m Older
You can make an estate plan at any point in your life. It should not wait until you are older. Instead, it should be started as soon as you begin to gather assets. Life is unpredictable and it is better to be prepared than leave the future uncertain.
I Cannot Change an Estate Plan Once I Make It
An estate plan should reflect the changes that occur in your life. When you go through family or financial gains and losses, this should call for an update in your plan. It is important to review your estate plan either every three to five years or after a major life event.
It’s Too Complicated
Creating an estate plan can seem overwhelming, as there are many parts to it. However, an experienced estate planning attorney can assist you in organizing your assets in a way to accomplish your future goals. This ensures there is no confusion or difficulty when estate administration begins.
Estate Planning is For The Rich
Everyone has their own assets, not just those with a large amount of wealth. Important assets to create a plan for can include real estate, household possessions, vehicles, family businesses, retirement or savings accounts, investments, and more. These assets should be included in an estate plan.
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Stone Crosby, P.C. has proudly served clients in Alabama for over 100 years. Our firm has experience handling matters including divorce and family law, estate planning and administration, business law, employment law, class actions, consumer protection, business law, real estate law, among many others. If you require quality legal representation, contact our firm today to schedule a consultation.