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Busting Estate Planning Myths

Fri, Mar 13, 2020 at 3:34PM

Busting Estate Planning Myths

Despite what you might have heard, estate planning is something everyone can and should do. The trouble is, this essential safeguard is often overlooked out of preconceived notions that the process is overly complicated. Others believe that such provisions are only for the very rich.

In fact, working with a dependable estate planning attorney in Daytona Beach can help protect your loved ones and enable you to plan for the equitable distribution of assets — regardless of your specific situation. Use these tips to learn more.

You Don’t Need an Estate Plan

As mentioned, many people think that estate planning is something reserved only for wealthy individuals. Others assume that because they don’t own extensive property, they don’t need to plan for the future. The truth is that without an estate plan, you lose the power to determine who will receive property and assets following your death. That includes family heirlooms and precious keepsakes.

Rather than leave such things to chance, it’s wise to partner with a trusted and reputable wills attorney in Daytona Beach. This way, you could also glean valuable insight and information that you hadn’t previously considered.

The State Gets Your Belongings, Anyway

Some people believe that the government will somehow lay claim to any property and assets regardless of what it states in your will and estate planning documents. This is simply a rumor and is wholly untrue.

If you pass without having a legal will (known as intestate), the specific rules and laws of your locale will be put into place. However, your personal belongings won’t be destroyed or distributed without exhaustive attempts to reach surviving relatives. Speak with your friendly and knowledgeable Daytona Beach wills lawyer for questions about this and other estate planning inquiries.

Everyone Knows Your Last Wishes

You might have been open and honest with friends and loved ones about plans for when you pass on. But what happens if one of those individuals dies first, divorces out of the family, moves away, forgets what you told them, or is otherwise unavailable? Why leave things up to those kind of chances?

So-called “oral wills” should never be a replacement for legal documentation. Instead, it’s best to speak with a dedicated attorney who can help you draft comprehensive and legally-binding end-of-life documentation.

Keep in mind that once your will is in place, you should make a point to keep it up-to-date. Include appropriate updates according to the changes in your own life. That includes marriage/divorce, birth or death of a child or grandchild, large purchases, and similar.

Probate is a Nightmarish Process  

There’s a misconception that if you have a will, you don’t have to worry about probate. In fact probate is the supervised process of authenticating your will, determining asset values, paying debts, and distributing assets to beneficiaries.

To avoid these and other estate planning myths, it’s a good idea to team with an attorney with a proven track record of being an expert on probate in Holly Hill and throughout Central Florida. In fact, for more than 40 years, we’ve assisted countless clients with creating and updating estate planning documentation. In addition, our firm also specializes in real estate law and guardianship. Contact us today with all of your legal questions surrounding your estate plan.

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