When it comes to estate planning, there is a lot of confusion and misinformation out there. Below are a few topics that many people get confused about:
- You are more likely to die if you create an estate plan. This is fiction! While it may seem silly to you, there are many people who use this as an excuse not to create an estate plan. None of us know when our time will come, but creating an estate plan is an effective means for protecting your family while you are able to do so.
- A trust is all I need. Not true! Most families can benefit greatly from creating a trust; however, your estate planning is not done by simply creating a trust. You must “fund” the trust before it is effective. In other words, you must transfer your assets into the trust. In creating a comprehensive estate plan, you should also include a Will, medical directives, appointment of guardians for minor children, and power of attorney.
- You should routinely review your estate plan. Fact! Don’t file your estate plan away and forget about it. As your life changes, so should your estate plan. Thus, it is a good idea to review your estate plan each year to make sure it still reflects your wishes or to respond to family changes.
- Estate planning is only for the wealthy. False! If you own anything such as a home, car, boat, bank account, retirement plan or other assets, an estate plan can benefit you. It is also beneficial if you have minor children and you want to avoid family fighting once you are gone. An estate of any size can benefit from having a plan.
Estate planning can be an intimidating and confusing process, but it is important to you and your family. Let us help. We will be by your side each step of the way. The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office.