Common Myths About Estate Planning - Part 1
Updated: Dec 1, 2018
Estate planning is a task that is often low on people's to-do lists, but it can provide much-needed guidance to your loved ones in the future. The fact is that most people would benefit from having basic estate planning documents to make sure their wishes are carried out. Arranging for the handling of your health, home, and finances can quickly become daunting. Multiple documents must be drawn up and each must consider multiple family members, friends, and charities. But getting these things in order doesn't have to be terribly complicated or expensive. A good estate planning attorney can help explain the function of different legal documents and dispel the following common myths about estate planning.
Myth #1 - A will is all I need, because it will override everything else and cover all of my assets. Wrong. Having a will is important and it will control how many of your assets are handled, but it may not cover property that is jointly titled (e.g. shared bank accounts) or assets for which there are named beneficiaries (e.g. life insurance). Such assets often are not subject to the probate process and not controlled by the language of a will.