Many people assume that estate plans are only for the wealthy and elderly. In reality, everyone should have an estate plan in place to plan for the future and protect their interests, assets and loved ones. Estate plans are typically composed of a number of documents, including wills, trusts and powers of attorney. An experienced estate planning lawyer can help you create an estate plan tailored to your particular circumstances and wishes.
Here are three of the most common myths regarding estate planning:
- Estate planning is only for the wealthy. In reality, estate planning is important regardless of your income level. Anyone who owns property and wants control over who it passes onto should have a will or a trust. Estate plans cover a range of critical areas, from contingency planning to naming your loved ones as beneficiaries and indicating exactly how you want your estate to be distributed in the future.
- Estate planning can wait until you are older. Another common misconception is that estate planning is only for the elderly. In reality, it is necessary for everyone to plan for contingencies, such as serious illnesses or disabilities, which can happen at any time. You want to make sure that your loved ones are taken care of in this event. In addition, by creating an estate plan that includes powers of attorney, you can ensure that decisions relating to your medical care and finances are made by someone you trust in the event you ever become incapacitated.
- Estate planning can be done on your own. Another myth regarding estate planning is that it can be done on your own or online. While there are some good resources available online, it is better to work with an attorney in drafting estate planning documents. Estate planning is not an area in which you want to cut corners, as it involves many complex issues and small mistakes in a document can prove costly. An estate planning lawyer can guide you through the process, answering any questions and helping you plan for contingencies. Proper estate planning, with the guidance of an experienced estate planning lawyer, can help avoid unnecessary costs, delays and stress to your family members.
For assistance putting your estate plan together, contact the experienced lawyers at the Family Legal Center, LLC. Since 1996, we have assisted many clients in the Monroeville, Pennsylvania, area with estate planning and probate issues. To set up a meeting with an attorney, call our office at 412-843-0957 or toll free at 877-855-1067.