Working with information that is inaccurate can yield some bad results, and this is certainly true when it comes to the matter of estate planning. There are some popular misconceptions out there and if you buy into them your family members could pay the consequences. Let’s examine a few of these misguided notions in an effort to set the record straight.
A lot of people who do not have an estate plan in place say that the reason for this is because of the fact that they don’t feel as though the amount of assets that they have warrant such planning. In reality everyone has some assets that would be of value to their loved ones, sentimental as well as monetary.
Even an act of passing along your thoughts and wisdom via the composition of an ethical will can be enormously meaningful to future generations of your family. You would also do well to state your wishes regarding medical procedures and how you would feel about being kept alive on life support if you were to fall into an incapacitated state.
There are others who feel as though they are good to go because they filled out a do-it-yourself will form that they downloaded online for a price. Going this route is a mistake because each jurisdiction is different and there is no one document that is completely appropriate for every person in every state of the union. In addition, there is more than one way to pass along assets to your loved ones and a last will is not always the best choice.
The last myth that we would like to debunk is the notion that estate planning is too expensive. What is truly expensive is to let the chips fall as they may without any expert advice. In virtually every instance your legacy will gain value in the long run when you work with an experienced estate planning attorney to craft an intelligent estate plan.