Myths About Planning
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I am too young to worry about planning.
You are never too young to consider estate planning. If you have children, you will want to pick their guardian(s) in the event something happens to you. A Will would be crucial for this, because without it in place, a Judge will be deciding who the guardians of your children will be. Additionally, without a Will, the state will be deciding who gets your property, no matter how large or how small.
My estate is too small to worry about planning.
Even for smaller estates, completing an estate plan is essential. Planning allows you to stay in control of who receives what in your estate, when they receive it, and how. We all get caught up in possessions and think estate planning is all about who is going to get what. For those of us that don't have much, we just assume there's no point in planning. Estate planning is about more than just 'stuff.' What about planning for your care? Having a plan in place that would provide instructions for you, and also your loved ones, in the event of a mental disability or medical incapacity. Protection of your property can include retirement plans and life insurance policies.
If I have a will, my family will avoid probate.
Wills may be the most common estate planning document there is. It's a common misconception, that if you have a will then you can avoid probate, but wills still must go through probate. This process is public. Wills can be reviewed by anyone who wants to, even if they're just being curious about your affairs for gossip's sake. Wills don't give any instruction for your care if you become disabled (mentally or physically) in your lifetime. They only give instructions for after your death. With only a will, you will be guaranteeing your family to enter probate. This is a lengthy and, often times, difficult and confusing process at a time when your family is grieving. It is often said that attorneys are the only real beneficiaries of the probate process.
I don't have anyone to leave my estate to. Why should I be concerned with estate planning?
If you do absolutely nothing, and have no heirs, your entire state, no matter the size, will go to the state. As an alternate choice, you may want to leave your estate to a charity of your choice, or another cause that is important to you.
We don't like to think about these things, but the truth is, deaths happen and you will want to be prepared. Once you have your estate plan in place, you can be at ease for the future.
Give us a call today at (502) 219-7371 and see how we can help you.