May 15 is listed as International Day of Families, so we think there’s no better time than this month to talk about how your estate plans — or lack thereof — can impact your loved ones. This May is a great time to ask yourself if your estate plans are good for your family, and will they help hold your heirs and beneficiaries together if a tragedy should occur?
In answering that question, it’s a good idea to confront some common estate planning myths. For example, estate planning is not just an activity the wealthy should consider. Estate planning, including creating a will, is important for anyone. A will can help your loved ones find closure in knowing that your final wishes were addressed, but it also provides you peace of mind. You can address how assets will be distributed, but you can also address wishes for your legacy or your children.
Another common myth is that a will solves all future estate issues. While a properly written and executed will can be a powerful document, wills aren’t the only tool in the estate tool box. When you work with an experienced estate lawyer, you can learn about options that can protect assets from creditors, provide for the care of minor children in a way you are comfortable with or keep loved ones from lengthy probate battles.
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Finally, you might think you are too young for estate planning. Sadly, you never know when an estate plan might be required, so the right time for taking on such activity is usually now. This May, find out more about protecting yourself and your family with estate plans.
Source: Forbes, “10 Common Estate Planning Myths That Can Be Detrimental to Your Family,” Erik Carter, accessed April 29, 2016