Shattering Estate Planning Myths

Man Holding Estate Planning Card

With the proper Estate Plan put into place, one that is kept current, using the most cutting-edge estate planning tools and techniques, you can rest assured that your final wishes will be fully carried out. This is important, as we do not know the time, place, laws or surrounding circumstances of our impending death.

Here at Dorcey Law Firm, we strive to give our clients more than just a set of documents, but rather a carefully crafted estate plan aligned with your assets. We know that there are a few myths going around as it relates to estate planning. Below are a few myths that are worth shattering.

Estate Planning Is Only for the Wealthy

Whether you are feeling wealthy or not, the fact is you do have an estate. Every estate can benefit from various forms of protection available under the law. It’s important to have a basic estate plan in place regardless of your net worth, to entail several specific components and provides a number of important protections for you and your family.

I Don’t Need a Will

A will is a vital document, letting your survivors know how you want your assets to be distributed upon your death. It also removes a judge from making decisions for you, names a Personal Representative, and provides guardianship for minor children.

I Don’t Need a Trust

Trusts can reduce your estate and gift taxes. Trusts also allow you to avoid probate court and distribute assets to your heirs according to your wishes. They save money on attorney’s fees, court costs, and administrations fees, as well as spent time.

It’s Best to Let My Heirs Decide

Unless you intend to create a family feud, it is in everyone’s best interest to for you to make your intentions clear by leaving an estate plan. When the deceased fails to leave clear instructions, family wars can ensue, resulting in a court deciding on the distribution of your assets.

I Don’t Need to Worry About Estate Taxes

While this may be true for some, the laws are always changing. If you don’t think you will be subject to taxes today, this may not be the case several months or a few years from now. Having an experienced estate planning attorney to build in safety nets to your plan, and also keep it up to date is important.

I Should Handle My Estate Myself

We see many do-it-yourselfers who try to handle their own estate, but it only takes one misstep to with they hadn’t. While doing it yourself could provide necessary paperwork, it is a solution in a vacuum without any qualified assessment of your needs in the context of your financial or tax situation.

Contact Us for Legal Assistance.

If you have questions regarding your own estate plan, and don’t want to fall victim to the myths above, please contact the Dorcey Law Firm for a free consultation by calling (239) 309-2870 or visit us online.