There are many myths and misconceptions surrounding estate planning. These cause many people to delay it or put it off altogether.
The fact is that estate planning is one of the most important steps you can take to protect your family and assets. The most effective way to combat misinformation is by presenting the truth. Here, we will tackle 4 of the most common myths so you can make informed decisions.
1. Only wealthy people need to do estate planning
Estate planning isn’t just for the ultra-rich. If you have assets and you want to control what happens to them, then you need an estate plan. Creating an estate plan ensures that your wishes regarding the distribution of your assets will be upheld. Without an estate plan, the state of Florida will distribute them according to its intestacy laws.
2. A will is good enough
A will is essential to your estate plan, but it doesn’t provide a complete picture. A comprehensive estate plan includes legal documents that address other critical areas, such as protecting and managing your assets in the event of incapacity, making healthcare decisions and avoiding probate.
3. Probate isn’t a big deal
Many people dismiss probate as merely an inconvenience that all estates must undergo. However, Florida’s probate process is public and can take months or even years. It can also become costly. A comprehensive estate plan uses tools such as trusts and beneficiary designations to avoid probate altogether.
4. There’s plenty of time to start planning
People often put off estate planning under the assumption that it’s something that can wait until they’re older and retired. But life is unpredictable, and delaying estate planning can leave your family in a vulnerable position if you were to be in an accident or become ill. They may encounter legal challenges while handling your financial affairs or deciding on medical interventions you may or may not want.
There’s no better time than now to start taking control of your future. Your first step should be to seek legal guidance. This can help you create an estate plan that meets your goals and complies with state and federal laws.