Data shows that a troublingly large number of Americans do not have estate plans. Besides the challenge presented by not having an estate plan, many more Americans are failing to learn even the basic details about how estate plans function. In the hopes of clarifying some of the most dangerous myths about estate plans and how they operate.
# 1 – Estate Plans Aren’t Necessary If You Let Your Wishes Be Known
In reality, just because you would like your estate handled in a certain manner, there is no guarantee that your goals will be achieved. Even though your loved ones might know and remember your preference, they might find subtle ways to subvert them for their advantage. The best way to make sure that you achieve your goals is to work with an estate planning attorney who can make sure that you write legally recognized documents that uphold your wishes.
# 2 – Estate Plans Aren’t Necessary If You Don’t Have a Family
If you pass away without a will, probate court determines who will inherit your assets based on a series of laws. This means that a court will fail to consider any unique details about your estate when dividing assets. Even if you don’t have an immediate family, many people want to avoid having their assets divided by the court.
# 3 – You Can’t Control Assets After They Are Distributed
If you are worried that your inheritance will not be properly managed or squandered, there are ways you can avoid these results from happening. To stay away from such undesirable results, you should make sure to prepare an adequate estate plan. If you are concerned that your inheritance will be improperly spent, there are fortunately ways to avoid these results. Building a good estate plan, however, is the first step towards achieving your goals. The best estate plans can distribute your inheritance over time or through the supervision of a responsible estate manager.
# 4 – The Terms of Your Estate Plan Must Be Fair
Most parents hope to treat their children equally in estate plans. In reality, however, this is not always the best policy. Your children have different hopes and aspirations. Many parents discover that leaving family businesses or assets to one child who shows the most aptitude or need is often a wiser choice than placing assets in the hands of one child rather than splitting assets equally.
# 5 – You Can Be Too Young to Worry About Estate Planning
Many of us are aware that our lives can change suddenly. The reality is, it doesn’t matter how old you are or how much of an estate you have to care for, creating an estate plan as soon as possible is one of the best things that you can do to achieve the goals of you and your loved ones.
Speak with an Experienced Estate Planning Attorney
One of the best first steps that you can take in creating an estate plan is to speak with an experienced attorney. Contact Ettinger Law Firm today to schedule a free case evaluation.