Estate Planning Lawyer
Having a proper estate plan can ensure that your final wishes are carried out and that your loved ones are taken care of. However, there is still a lot of confusion about estate planning that may keep some people from creating a plan. Here are some common misconceptions about estate planning that you should not believe.
An Estate Plan Just Matters When You Die
Many people assume that estate planning only involves planning for your death. However, it is also about planning for your lifetime. For example, if you should become mentally or physically incapacitated, you want someone you trust making healthcare and financial decisions on your behalf. You should designate a medical power of attorney and financial power of attorney in your estate plan.
Young People Need an Estate Plan
This is one of the biggest myths about estate planning. Even young people can develop life-threatening illnesses and get into accidents. Therefore, it is wise for people of all ages to have a proper estate plan.
Once You Create an Estate Plan, That’s It
Estate planning is not a one-time event. Most people need to update their estate plan several times throughout their life. Whenever you experience a major life change, such as a divorce or birth of a child, you should take another look at your estate plan.
Only Wealthy People Need Estate Plans
Estate planning is not just for the very wealthy even more. Even if you have modest assets, it is still necessary to have a proper estate plan in place. After all, you want the right people to inherit your house, life insurance policy and other assets after you die. You will have a peace of mind knowing that your loved ones will be provided for.
It’s Not Necessary to Hire a Lawyer
While there is plenty of do-it-yourself estate planning software you can find online, it is worth it to hire an experienced estate planning lawyer. Estate plans can involve many complexities, and you want someone knowledgeable and experienced to make sure your plan reflects your best interests. An estate planning lawyer will ensure your estate plan adheres to all the laws in your state and offer suggestions on how to make your plan better.