Common Misconceptions About Estate Planning and Probate
Estate planning and probate can be complex legal processes that are often surrounded by myths and misconceptions. Here are some common misconceptions about estate planning and probate:
“I don’t need an estate plan because I don’t have a lot of assets.” Many people believe that only the wealthy need an estate plan, but this is not true. Even if you have a small estate, having an estate plan can ensure that your assets are distributed according to your wishes and that your loved ones are taken care of after your death.
“If I have a will, my estate won’t go through probate.” While a will can specify how your assets should be distributed after your death, it does not necessarily avoid probate. Probate is the legal process of administering your estate and ensuring that your debts are paid and your assets are distributed according to your wishes.
“My spouse will automatically inherit everything after my death.” While this may be true in some cases, it is not always the case. If you have children from a previous marriage or relationship, for example, your assets may not automatically go to your spouse. An estate plan can ensure that your assets are distributed according to your wishes, regardless of who may be entitled to them under state law.
“I don’t need an estate plan because I am too young.” No one knows what the future holds, and accidents and unexpected events can happen at any age. Having an estate plan can ensure that your wishes are carried out in the event of your untimely death or incapacity.
“Estate planning is too expensive.” While there may be some costs associated with creating an estate plan, the cost of not having one can be much higher. Without an estate plan, your assets may be subject to probate, which can be a lengthy and expensive process. In addition, without an estate plan, your loved ones may be left with uncertainty and potential conflict over your assets.
These are just a few of the common misconceptions about estate planning and probate. To ensure that your wishes are carried out and your loved ones are provided for after your death, it is important to work with an experienced estate planning attorney who can guide you through the process and address any questions or concerns you may have. Our office provides free consultations to all new clients so that you can feel confident and empowered as you establish an estate plan best suited for your needs.
The information provided herein is intended as a general overview and discussion of the subjects dealt with, and we accept no responsibility for any actions taken or not taken based on this publication. It is not intended, and should not be used, as a substitute for taking legal advice in any specific situation.