The idea of estate planning is pretty easy and straightforward if you understand the process. Estate planning is a process of planning for you and your loved ones’’ and securing their future when you pass away. As I said, the process is simple; you need an estate planning attorney for completing the steps. Yet, there is much confusion and mystery that can ruin your experience or the entire estate planning dynamic for you. Here are some most common myths.
1. Estate planning is applicable for large assets
We don’t spend a long time thinking about our estate plans. Taking time to plan is good because rushed decisions often lead to a negative outcome. And no matter how many estates or assets you have, you need to make an estate plan and make sure what you leave behind after you die to the right hands. A widespread myth that most of us have is that you need planning if you are rich only. That’s not true. As I said earlier, we do need an estate plan to manage things for us. Without a plan, you will lose the ability to determine who gets your property and assets after your death. You have no control over whom the assets will go to and who will manage the property’s distribution, etc. An estate plan includes all these concerns to give you a hassle-free life and afterlife.
2. An estate plan only includes property and assets
An estate plan doesn’t only include property. It also deals with personal matters. For example, if you have minors, an estate plan will allow you to select a legal guardian. This means that when you make a person as the legal guardian, that very person will be taking care of your children after your demise. The importance of this kind of planning isn’t linked with the size of the estate. A portion of an estate plan also includes your health, and for that, you need a living will. A living will is a document that lets you address your preferences regarding any medical treatment you wish to receive if you cannot express those preferences yourself. You can also appoint a person to speak for you about the medical treatment if you cannot do so for yourself. You can include that in your estate plan as well.
3. Probate is scary
One of the most common misconceptions regarding estate planning is this. Probate has a nasty reputation amongst people and system as it tends to seize away everything from you after you die, will take a lot of time to verify, give control, and distribute your assets. Although the concerns are valid, it is not as bad as you people make it look like. Hear me out! The reputation comes from history, as probate was troublesome and expensive back in the earlier years. These days, hiring an super annuation and estate planning Brunswick West attorney can make your job very easy. The best thing you can do is make a will and state everything clearly, that will prevent you from getting yourself and your family from getting involved with the probate process.
Avoid these misconceptions, and you will do just fine! Lastly, if you are living in Strathmore and searching for an estate planning attorney or if you need any advice related to estate planning, type “superannuation and estate planning Strathmore” and search.
