3 Myths Concerning Estate Planning

If you or a loved one is needing assistance planning an estate, contact a Bergen County, NJ estate planning lawyer clients trust to secure their future. Although some clients feel confident about their estate plan and their future options, others may feel confused and anxious about all that an estate plan entails. The following is meant to shed light on any confusion regarding estate planning by debunking three common myths.

  1. Creating an estate plan is unimportant and does not need to be established until the very end of a client’s life. This myth is false on two accounts. First, establishing an estate plan is extremely important not only to the client creating the plan but to their loved ones and beneficiaries as well. Without a well-thought-out estate plan, the assets of the deceased’s estate may be distributed by a court, according to state law. This means that your loved ones may not receive what you wish them to be given upon your death. Not only is this a stressful, heartbreaking situation, but the beneficiaries may have to contest the asset distribution in court. The second part of this myth states that an estate plan should be put off until the very end of a client’s life. While it is true that clients can begin their estate plans at any time, estate planning lawyers strongly advise their clients to create and finish their estate plans as soon as possible. Life is unpredictable, and clients may never know if an accident or untimely death will hinder them from finishing their estate plan. 
  2. An estate plan is just another name for a will, and the two are interchangeable. A will is one aspect of an estate plan. Although both are important documents, they are not interchangeable because they contain different information. An estate plan is made up of a client’s will, power of attorney, medical directives, plan for children, retirement, and bank account information. Skilled estate planning attorneys such as those from Kaplan Law Practice, LLC can customize estate plans to meet the client’s specific needs. Due to the complex nature of estate plans, and all the information required it is strongly advised that clients work closely with their attorneys when creating, and finishing their estate plans.
  3. Medical directives are not included within an estate plan and are irrelevant to the estate. On the contrary, as noted before medical directives are indeed part of the estate plan. Medical directives allow clients to make decisions regarding their medical choices, and end-of-life care. If a client neglects their medical directives, it will force their loved ones to make those difficult medical choices on their behalf. This undoubtedly will be a stressful time for family members as they try to grant the estate’s wishes. Because medical choices and end-of-life care are sensitive topics, it may divide family members in the decision. Don’t put your loved ones in that stressful situation, instead work with an estate planning lawyer and decide your medical directives as soon as possible.