Some of the Most Common Estate Planning Misconceptions

Most people try to avoid thinking about their own mortality, which is why there are so many people who put off estate planning as long as possible. Because there are so many people who actively avoid thinking about getting their affairs in order, there are a number of misconceptions that exist about estate planning.

Here are a few of the most common examples of these misconceptions.

• It’s only for wealthy people: Anyone who owns any assets at all, regardless of how many or their value, can benefit from estate planning. If you want to have control over what happens to your assets after you die, then estate planning is for you.
• It’s only for older people: There is never any way to know for sure when we will meet our fate, unfortunately. People of all ages can benefit from estate planning, and having a plan as soon as possible makes it easy for you to keep up with the small changes you need to make here and there over the course of your life.
• Since you’re married you don’t need to worry about it: Being married can make asset division simpler, but you should still plan your estate to make sure your assets remain in your family and your children’s families, and not to your spouse’s new spouse if they remarry. In addition, if you pass away at the same time, then you’re also left without any plans in place.
• You can do it yourself: Estate planning is something that should always be done with the assistance of an experienced attorney. There are a lot of laws that govern how to prepare your estate, as well as a lot of complicated paperwork. You’re better off working with a professional.
• You can just leave everything up to your family: While it’s respectable to believe your family will abide by your wishes without you leaving any instructions behind, it’s always better to have actual written documentation of your wishes to prevent arguments from occurring over what you “would have wanted.”

Interested in learning more about estate planning? Contact an experienced Tampa attorney at BaumannKangas Estate Law to schedule a consultation.