Estate planning is all about the legacy you leave for your loved ones, and the stipulations you provide for their ongoing provision and care. As such, it’s important to get it right. Part of that involves sorting through some of the common estate planning myths and misconceptions that have risen to prominence.
Here are a few of the more noteworthy examples.
Estate planning is just for the wealthy.
Actually, estate planning is for everyone. It includes how your children will be cared for, should you and your spouse both pass away. It can also include provision for surviving family members to handle your debts and funeral expenses without incurring financial burdens themselves. Estate planning is not just for those with large estates.
Estate planning is just for the old.
You don’t have to be advanced in years to do estate planning. After all, none of us know exactly when we will die, and it’s always good to be prepared for the unexpected.
I’m married, so all of my possessions will just go to my spouse, anyway.
This isn’t necessarily true—and without a will and a trust, it’s possible that your assets could be entangled in the probate process for quite some time. Estate planning can help your spouse to avoid these complications.
My family will do the right thing.
Frankly, it’s much easier for your family if they have clear directions about how you want your estate to be taken care of. Don’t make them guess.
Estate planning is something I can do on my own.
While this is technically true, it’s always better to work with a professional who can help ensure you don’t forget anything, and assist you in having your estate cared for in exactly the manner of your choosing.
Do estate planning right. Contact the professionals at Singh Law Firm to begin the process.