There are often many misconceptions around creating an estate plan that it can deter a person from doing so. However, creating an estate plan is one of the most important things you can do for yourself. Continue reading below to learn about the most common estate planning myths and the realities behind them.
A Will Oversees All of My Asset Distribution
With a will, you can outline how you want your assets to be distributed after your death. This can include real estate, automobiles, certain accounts, family heirlooms, and more. However, there are limitations to this. Any joint accounts or accounts with beneficiaries you cannot have power over to give away in a will.
I’m Done Once My Assets Are In Order
Another part of an estate plan is preparing for the future of your health. While it is scary to think about, it is possible to become incapacitate at some point in your life and be unable to care for yourself. In the event of this, it is important to have a plan in place for your future medical treatment. This can include outlining the treatment you would want or appointing a healthcare proxy to make decisions for you.
I Can Make an Estate Plan When I’m Older
Anyone can make an estate plan at any point in their life. This does not only have to be when you are older. It should be as soon as you begin to gather assets, as life is unpredictable and it is better to always be prepared.
I Cannot Change an Estate Plan Once I Make It
It is important that an estate plan reflects the changes that occur in your life. This includes any financial or family changes. This may be an increase in finances or a new addition to a family. It is also necessary for any losses in these situations as well, such as a job or life of a loved one. Plans should be reviewed every three to five years or after a major life event.
It’s Too Complicated
Making an estate plan can seem daunting, which is why it is important to enlist the help of an estate planning attorney to help you organize your assets and set goals. This ensures there is no confusion when it is time to administer the estate.
Estate Planning is For The Rich
People sometimes do not realize how many assets they have. This can include real estate, household possessions, vehicles, family businesses, retirement or savings accounts, investments, and more. It is because of this that not only those with a large wealth should have an estate plan.
Contact our Firm
If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.