Many people are familiar with the concept of estate planning; unfortunately, few people understand the process in detail. For this reason, many estate planning myths have been allowed to fester.
Here are three such myths and why they’re wrong.
Estate planning is only for the elderly
The bittersweet reality of life is that no one knows how long they have. For this reason, its really never too early to start planning your estate. We take out insurance policies to protect us from an uncertain future. An estate plan should be thought of in the same vein.
Estate planning is only for the rich
People who aren’t millionaires still have assets they want to protect. We work to build wealth for ourselves and our progeny. Estate planning is the best way to ensure our assets end up in the right hands.
All I need is a will
The fact of the matter is that you probably don’t know what you need. There are so many different estate planning paths that finding the right one for you requires professional help. Limiting yourself to a will automatically eliminates a host of other tools (e.g., revocable trusts) that may better suit your situation.
An experienced trusts and estates lawyer can structure an estate plan around your unique objectives, saving you money and giving you peace of mind. Furthermore, they can identify legal issues that a lay person may not contemplate.
Florida residents shouldn’t hesitate to reach out. If cost is a concern, many lawyers offer a free initial consultation at no out-of-pocket cost to the client.