Common Myths in the Estate Planning Process
While conversations with friends, family members and coworkers can provide useful information, that info can be misleading when it concerns the estate planning process. Below, readers can learn the truths behind some of the most common estate planning myths.
It’s All About Asset Distribution
This is simply inaccurate. While asset distribution is a vital part of the planning process, it is rarely a primary concern. More important factors include:
- Choosing guardians for children
- Appointing a trustee or conservator to pass assets to minors
- Delaying possession of assets going to minors
- Choosing an agent to make financial decisions in the event of incapacity
- Choosing someone to make healthcare choices
It’s Unnecessary to Have a Will if Leaving it All to a Spouse and Kids
When someone dies without a last will, his or her assets are disbursed through the state’s intestacy laws. While these laws are intended to reflect what a deceased person would have written in a will, they are based on factors that might not reflect a family’s situation. An estate planning Lawyer Charlotte NC can help a client write a will that accurately reflects his or her wishes.
Will Form Books and Software are Just as Effective as Hiring a Lawyer
When clients use software and form books to write their wills, two things are true: They spend less money and they get inferior documents. These DIY products are there to cover the greatest percentage of cases, but they may not be right for every situation. The give-and-take between attorney and client is important because the lawyer assesses what’s most important to the client and they tailor the document accordingly.
Hiring an Attorney is Too Expensive
There’s no denying the fact that it can be costly to hire an estate planning lawyer. However, it should be viewed as a necessary expense, and it is not as costly as many people think. Most lawyers’ offices offer free initial meetings, flat fee arrangements, spousal packages and easy payment plans.
Most people are reluctant to talk about estate planning because it forces them to face their own mortality. However, it is an important part of life and death. Visit a local lawyer to start the estate planning process.