The idea of estate planning seems quite straightforward. Most people know it as a legal document that outlines how a person’s assets will be distributed after their death. However, many people are still confused and uneducated about what planning entails.
If you find the concept of estate planning confusing, chances are you probably believe a lot of myths about it. By debunking the myths, individuals can get a clear idea of the importance of estate planning. For additional information on it, you may speak with a San Antonio Estate Planning Lawyer.
Debunking estate planning myths
I am not wealthy enough to require estate planning.
We know this particular rumor about estate planning has been around for quite some time now, but it is completely false. In fact, estate planning has nothing to do with your financial status. Even if you have two assets, you should create a plan indicating who gets those two properties after your death. This way, at least you will know that your assets will end up with the right people.
I am too young for estate planning.
Sure, nobody likes to think they are going to die anytime soon. Everyone thinks they have a lot of time left until something unexpected happens. There is no perfect age for creating a will, but the sooner you do it, the better.
As long as I am alive, an estate plan is worthless.
Again, wrong. Many people think estate planning is about distributing your assets, but it is not. Planning for your incapacity, charitable giving, and legacy planning are essential areas of an estate plan.
I can disinherit anyone I want.
You are free to pass your assets and property to whoever you like after you die. However, there are certain people you cannot cut out of your will. For example, it can be challenging not to include your spouse in your will in some cases. Courts can make it uneasy to disinherit people, especially if they are the closest members of your family.
The state will receive my assets if I do not create an estate plan.
A significant number of people believe in this untrue myth. No, the state does not get your assets automatically when you die. Every state has its own laws of intestacy, which determine who gets what.
Estate planning is not usually an easy-to-understand concept, and thus, it is crucial to retain an attorney when you are dealing. They can help you debunk the myths and avoid costly mistakes.