While estate planning may appear straightforward, it can in fact be quite intricate. The primary source of complexity is the numerous misconceptions surrounding proper estate planning. At Gravis Law, we guide you through each phase to find the ideal solutions for you and your loved ones when designing your estate plans. Our trusted experts have clarified some of the most prevalent fallacies about estate planning, so you can better comprehend the estate planning process.
“I trust my family to do the right thing.”
Family ties can be complex. Families often encompass many individuals with diverse perspectives. This can make estate planning tricky if you've died and left behind relatives who want to carry out what they believe honors your desires (or occasionally their own). The situation can become chaotic. The best course is to establish an estate plan ahead of time to reduce any potential disputes and doubt.
“I don’t have enough money or assets to plan my estate.”
Many individuals think that estate planning is exclusively for affluent people. However, this is inaccurate. We all possess assets, and the value of those assets does not prevent you from making arrangements for them in the event of your passing or incapacity. Irrespective of your net worth, you will want to ensure that your possessions are distributed as you intend after you are gone.
“I can do it by myself.”
While last wills appear straightforward to make since they just need to be written down, signed, and confirmed by two witnesses, people frequently draft their own last wills to cut costs. However, without the guidance of a seasoned estate planning attorney, making your own estate plan can end up costing you more down the line. Drafting your own will has no initial fees. However, probate and settling an estate can be expensive, and if you write your own will or don't have one, it's challenging to foresee what that process will entail and prepare for it.
“I just want to make everyone happy.”
It is not feasible to satisfy everyone. With so many individuals in your life, you cannot gratify all of them when deciding how to distribute your assets after you pass away. These possessions and inheritance are yours. You have the right to handle them as you deem appropriate. Being preoccupied with others' opinions will send you into an endless spiral of apprehension that you will be unable to escape.
“I’ve designated a beneficiary, so I’m good.”
Simply naming someone to receive your assets does not consider possible situations that could occur. What if the person you select dies before you, or becomes unable to make decisions? It is important to think about potential scenarios and make plans for them.
“I’m young, I have so much time to think about estate planning.’
The sad truth is that age is irrelevant. Your life can take a turn at any time. Since life is so precious, it's crucial to make preparations for hypothetical scenarios. The most prudent thing to do for yourself and your loved ones to get ready for whatever might transpire down the road is to devise a strategy and set it in motion.
“A living will and a last will are the same thing.”
Just because the terms "living will" and "last will and testament" both contain the word "will" does not imply they are the same thing. A living will and a last will and testament are two distinct legal documents. A living will specifies your wishes regarding medical care and who will make decisions on your behalf if you become unable to communicate due to illness or injury. It deals with matters during your lifetime. In contrast, a last will and testament only takes effect after your death, and dictates how your assets will be distributed. While a last will does not help if you become sick or incapacitated while still alive, a living will does not address what happens to your assets after you die.
It's crucial to understand these differences when planning your estate. If you mistakenly believe these myths, your family could be confused about how to handle your affairs after you pass away. You have the ability to maintain control, even after death, by working with an estate planning attorney to create the proper legal documents. Contact the experts at Gravis Law today to discuss your options. We are dedicated to empowering you to put your future in your own hands!
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