Examining the Most Common Estate Planning Myths

Wheaton will and trust lawyersPeople may put off estate planning for a variety of reasons. Most are born out of estate planning myths – assumptions that simply are not true. Learn why estate planning is an important task for everyone, regardless of their situation, and discover how a seasoned estate planning lawyer can assist you with the process in the following sections. 

“Only the Rich Need an Estate Plan”

Perhaps one of the biggest estate planning misconceptions is that the process is only for the extremely wealthy. While, yes, a comprehensive estate plan is important for reducing the tax load of the wealthy, even those with moderate to small estates can benefit from the process. Often, people do not know their true value. They may have assets that they have forgotten about, or their savings and retirement accounts may have accrued more interest than expected. If the individual has children, this alone facilitates the creation of a will, as it is important that families ensure their children end up with the guardian or guardians they feel to be the most suitable. 

“Estate Plans Are Not Necessary Until Later in Life”

People often put off estate planning because they think it is not necessary until they start reaching retirement. Unfortunately, this can leave a family vulnerable to extreme loss and stress if a tragedy happens. A child may be left without a guardian if their parents pass away, an incapacitated individual may not have anyone to make medical or financial decisions for them, or a deceased individual’s retirement account may go to an ex-spouse instead of their children or current spouse. All these oversights, and more, can be avoided through careful estate planning. 

“I Only Need a Will to Protect My Family and Assets”

While a will can cover a great deal of your assets, it cannot handle all estate planning matters. A will does not cover joint assets, and it cannot override an account with a designated beneficiary. It is also important to note that a will does not necessarily cover you if you become incapacitated and unable to make medical or financial decisions for yourself. Instead, you would need other estate planning documents, such as a living will or power of attorney. 

Contact Our DuPage County Estate Planning Lawyers

With more than 40 years of experience, Stock, Carlson, Oldfield & McGrath, LLC knows what it takes to ensure that a party’s assets and heirs are protected once they have passed. We start by carefully examining your situation, and then we explain the estate planning process and documents in a way that help you fully understand your options so that you can create a comprehensive plan that suits your needs. Schedule your personalized consultation with our DuPage County estate planning lawyers by calling 630-665-2500 today. 

Source:

https://money.usnews.com/money/retirement/baby-boomers/articles/2018-07-05/6-common-myths-about-estate-planning