Common Myths About Estate Planning: Debunked (Part II)
This article will continue to debunk some of the common misconceptions about estate planning that prevent individuals from moving forward in creating an estate plan. Please see the previous post for part I.
4. I only need a will.
Rosenacker Law Office recommends and offers a comprehensive approach to estate planning.
The client should have the benefit of legal advice pertaining to the whole picture of the client’s
assets and familial situation. Based on this perspective, to have an efficient and comprehensive
estate plan, we recommend that clients not only have a Last Will and Testament, but other estate
planning documents as well that address specific types of assets and possible incapacity during
the client’s lifetime.
5. You don’t need the help of an attorney.
It is highly recommended that you seek legal advice and services to draft and make decisions
regarding your estate plan. Estate planning laws can be highly complicated. Although we live in
the age of technology, it is still very difficult to ascertain specific estate planning requirements
without specialized training. Furthermore, an estate planning attorney can streamline the process
for you by facilitating each step and providing the required execution tools needed to make your
estate plan final.
BONUS: If I trust my family to honor my wishes, I don’t need an estate plan.
The fact of the matter is that your family does not have to honor your wishes, although you may
trust them to do so. There is no recourse for their failure to distribute according to your wishes
unless it is specified in your estate plan. Each adult in the United States has the opportunity to
take control of who has the power to help them during their life and who receives their assets at
their death. Don’t leave it to chance when you can ensure your hard-earned wealth, assets, and
personal belongings get to where you would like them to go.