six estate planning myths
1. Saving money on taxes and avoiding probate are theonly reasons to do estate planning.
When true estate planning is understood, the financial benefits it produces are least important. Of much bigger significance is the management of personal purpose and family or social guidance.
2. Estate Planning is only for the rich.
Estate Planning is about the responsible transfer of wealth from generation to generation. What matters is what you do with what you have, regardless of how big or small that may be and how it affects those whom you love.
3. Estate planning is just for the elderly.
People who are young, as well. Leaving your loved ones with emotional and financial chaos that could have been avoided or lessened can be avoided with proper planning. Give yourself piece of mind.
4. All you need is a simple will.
This can be a mistake. While a simple will can be sufficient for some, for most people a will may actually be the least beneficial of all estate planning documents.
5. My family will manage my affairs if I am incapacitated.
If you don't have a trust and become temporarily incapacitated, your assets and affairs will likely be placed under the control of a judge for a conservatorship. With a properly structured trust, however, your affairs stay out of the court system, remain private and are managed by persons you personally select.
6. All trusts are the same. You can find the same protection from an online source or bargain-basement attorney
Every year, attorneys are hired to deal with lawsuits generated from the use of cheap living trusts or other inadequate estate planning. The difference between a custome estate plan from an attorney who concentrates in the field and an online vendoror from and non-estate planning attorney is tremendous. The doctor who can give you an annual physical is not the same doctor who performs brain surgery! There is no such thing as a one size fits all document or planning strategy.