Estate Planning Myths And Misconceptions

Creating an estate plan should be strongly considered regardless of the size of your estate or amount of wealth that you have. If you have an estate and would like to pass down assets to your loved ones, a favorite charity, or have other particular plans for having you want to manage your estate after you pass away, then an estate plan can ensure that your wishes will be respected and followed. Without an estate plan, the court and your loved ones will have no way of knowing what you want to do with all of your assets. Knowing the facts from the falsities and misconceptions concerning estate planning will better allow you to effectively make a plan that works for you.  

Only the wealth need to make an estate plan

A common misconception about estate planning is that it is reserved specifically for the wealthy or those with high incomes. This is far from the truth, as estate planning can be beneficial for people of many different estate sizes and incomes. Estate planning allows you to express your preferences on the distribution of your estate, secure your assets, and make the transfer of your assets to loved ones much more efficient. First talk to a reputable and qualified estate planning lawyer to see if creating an estate plan is in your best interest. 

I don’t need to list my assets 

It is incredibly important to make sure that all of your assets are listed in your estate planning documents. If you forget to include an asset, that asset will end up going through the probate process, which can be expensive and take a long time to complete. Creating an inventory of your assets allows you to keep track of everything and it also lets you see which assets need certain protections. When you list all of your assets in the first place, it helps prevent many issues that can occur. 

Probate can be avoided without an estate plan

Everything that is not included in an estate plan will have to go through probate, as you can learn from a qualified Bergen County, NJ estate planning lawyer from Kaplan Law Practice, LLC. Probate is the court-supervised legal process of validating a deceased individual’s will, and determining how their estate will be distributed and to whom. Many people want to avoid probate as much as they can because it can raise a number of issues, such as increased costs and the delayed transfer of assets to beneficiaries. 

Estate planning is too expensive and time-consuming

Because estate planning involves a lot of time and effort to complete, many people decide not to make one in the first place. However, not creating one brings more risks because without a plan, your assets may not be sufficiently protected. The investment in estate planning is well worth the hassle and time because it prepares you for a number of scenarios and ensures that your entire estate is protected so that it only goes to authorized individuals or organizations that you name.

Learn more about estate planning services from a qualified lawyer by setting up a consultation.