Common Myths Related to Estate Planning
The many misconceptions out there about estate planning can prevent people from taking the necessary steps to protect their assets and loved ones in the years to come. Some of the most common myths about estate planning include the following:
- Myth: Estate planning is only for the extremely wealthy. The reality is that every adult can benefit from having a will and other planning provisions in place. This is especially true for parents, who can use a will to designate a legal guardian for their children. Keep in mind that any of your property not included in a will or trust will be passed down according to state law. Creating a will means you have a say in who becomes your beneficiary.
- Myth: Your family gets along and they will handle it when the time comes. Not only does having a plan ensure your voice is heard when it comes to the finalization of your estate, but it can also alleviate your family members’ stress over how to handle your assets. Additionally, having a will can prevent family conflicts from arising over the division of your assets and property.
- Myth: There are no significant assets in my possession. Most adults have several types of major assets they commonly overlook. These include your current bank account balance, 401(k) account, jewelry and stocks.
- Myth: There is no need to put a plan in place today. One of the major reasons why adults do not develop an estate plan is because they feel they have plenty of time to settle these matters later in life. While this is hopefully the case, it’s always in the best interest of you and your loved ones to take a proactive approach.
If you would like to get started drafting a will, meet with the skilled Tampa estate planning attorneys at BaumannKangas Estate Law.