Age and money are the basis of the two greatest estate planning lies.
Unfortunately, there are many falsehoods floating around regarding estate planning.
All of them are detrimental.
According to an article in the Pauls Valley Daily Democrat titled “More on estate planning myths,” two misunderstandings are particularly common.
What are they?
Only older people need a will.
Naming a guardian in your will allows you, not a judge, to select who will rear them in the event both you and your spouse die.
You know better than anyone who would love and care for your children according to your wishes.
Do not make the court decide by default.
I have too few assets for a will.
Even if you do not have much money, you probably have items of sentimental value.
Giving these to specific people can be done and explained in a will.
Do you only need a will to transfer assets?
An estate planning attorney can help you plan the use of Transfer on Death deeds, Payable on Death transfers or other probate-avoiding transfer method as part of your estate planning.
Every situation is different.
The best way to find out what you need?
Work with an experienced estate planning attorney.
This will even reduce the potential for conflict after your passing.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Pauls Valley Daily Democrat (March 1, 2017) “More on estate planning myths”