Estate planning isn’t what you say it is. There are many estate planning misconceptions and misunderstandings that have confused and hindered the minds of several people from doing what they need. It is often good to do some analysis yourself, but nothing works best than planning with an estate planning attorney. The estate planning specialist will direct you through many years of experience doing real estate planning in New York to create the right estate plan that leaves no room for doubt or misunderstanding. Some of the myths and misconceptions of estate planning includes the following:
Myth one: I can use a will to distribute all my property
With this myth in the heart of many, they create only a Will in their estate plan, thinking it would suffice to handle every of their assets. However, this is not true. A will only controls how assets “in your name ONLY” will be distributed. Assets which are jointly owned such as joint accounts, as well as retirement plan and life insurance proceeds with beneficiary designations, will all pass outside the will.
Myth two: Its better I draft my will when I'm much older
People hold on so much to this fallacy that they end up not creating a will at all because death or mental incapacity showed up. Laying out guidelines now that you can, will go a long way in helping your surviving family know what to do in the event something bad happens to you. If you have minors, it is good you name a guardian for them in your will now. While it is good to be positive, bad things still happen unexpectedly. Mourning the death of a loved one is traumatic enough, not to talk of adding the headache of having no clue as regards the deceased last wishes.
Myth three: Estate planning is only about asset distribution after death
While estate planning revolves around protecting your property and deciding what happens to them after your death, it also entails planning for what happens to your estate when you become old and unable to run your own affairs.