Often times, there are many thoughts that go into a person’s mind when they consider the creation of an estate plan. As it seems like a daunting task, there are many misconceptions that arise with the notion. While this can deter people from doing so, having an estate plan is one of the most important things a person can do in their life. In doing so, it is important to be aware of these myths and the realities that lie behind them. The following are the most common misconceptions when dealing with estate planning:
A Will Oversees All of My Asset Distribution
A will is a document that allows you to make specific determinations for how their assets should be distributed in the event of their death. This can include many things including something as large as real estate or automobile or even smaller family heirlooms. However, there are limitations to this. If you have joint accounts or an account with a beneficiary attached, you will not have any power over those assets.
I’m Done Once My Assets Are In Order
Along with a will and preparing your assets for the future, it is important to also consider your health. This may be in the event that you become incapacitated at some point in your life and can no longer care for yourself. In the event of this, you may wish to have a living will to outline the medical treatment you would want. Or you may want to appoint a healthcare proxy to allow a loved one the right to make decisions for you on your behalf.
I Can Make an Estate Plan When I’m Older
While it is true that you can create an estate plan at any time in your life, it is beneficial to do so as early as possible. Young people do not often consider making an estate plan, as they do not usually see a need for it. However, life is unpredictable and it is better to always be prepared than left with no plan in the event of something unexpected.
I Cannot Change an Estate Plan Once I Make It
As life changes over time, so does the information that your estate plan contains. However, if you have a change in finances or a family situation you will need to update the plan. This may be in the event of a new salary or an addition to the family. It is also necessary in the event of losses as well, such as a job or a life. It is important to consider reviewing an estate plan every three to five years or after a major life milestone.
It’s Too Complicated
There are many parts to creating an estate plan, which can make it seem like a lengthy and complicated process. However, with the assistance of an estate planning attorney, you are able to effectively organize your assets and outline the goals that are important to you.
Estate Planning is For The Rich
It is important for anyone to have an estate plan, not just those who have a large wealth. This is because, often times, people are surprised to realize how many significant assets they have. This can include a home, household possessions, family businesses, vehicles, retirement or savings accounts, investments, and more.
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most.Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.
