Most people are familiar with the estate planning process, but very few have in-depth knowledge about what it entails. For this reason, myths about estate planning have been allowed to propagate.
Here are three estate planning myths and why they’re wrong:
- Estate planning is only for the rich: We all have assets we want to protect, even if most of us aren’t millionaires. We work hard our whole lives to build wealth as a cushion for both ourselves and our families. Why let a probate court apportion what we worked so hard to create?
- Estate planning is only for the elderly: It’s a sad fact of life that we don’t when our last day will be. Therefore, its never too early to start getting your affairs in order. We have insurance policies that protect us from an uncertain future, an estate plan should be thought of in the same vein.
- All I need is a will: A will is a valuable tool that may sufficiently address all of your estate planning objectives, but maybe it won’t. The fact is you don’t know until you meet with an experienced estate planning professional. Assuming you just need a will automatically elimintates a host of other instruments that may better suit your situation.
Assistance with estate planning
Although its easy get the impression that estate planning is something you can handle yourself, its critical to seek out professional advice before, during, and after the process.
The laws governing trusts and estates are often vague and archaic. A seemingly small error can have drastic consequences down the road. For these reasons, seeking the guidance of an experienced trusts and estates lawyer is the best way to ensure your interests are protected.
Michigan residents shouldn’t hesitate to get started. If cost is a concern, many offer a free initial consultation at no out of pocket cost to the client.