National Estate Planning Awareness Week is the week of October 17-23, 2022. It is the perfect time to review your current Estate Plan, or create one if you have yet to do so. If you do not have an Estate Plan, you are one of the 66% of people who do not have a will, according to the Caring.com 2022 survey. Check out these Estate Planning tips and debunked myths from our South Florida Estate Planning attorney so you know you are headed in the right direction.
Caring.com’s 2022 Wills Survey
6 Myths and Facts About Estate Planning
Be Prepared For Estate Planning Awareness Week October 17 – 23, 2022. These Estate Planning myths and facts will help you protect the future of your loved ones, and give you peace of mind.
Myth #1: I Do Not Have Enough Wealth For An Estate Plan
Many people believe that they need to be incredibly wealthy in order to have an Estate Plan or will in place. This is far from the truth. One of the most important Estate Planning tips we provide our clients is that everyone needs to have a will and Estate Plan to their name.
It does not matter how much money you have in your bank account; you need to protect your assets and minor children. Having a plan in place for when you die will make it easier for your surviving spouse and children to handle your affairs.
Myth #2: I Already Have A Will; I Don’t Need Anything Else
Another common myth when it comes to Estate Planning is that you do not need anything else so long as you have a will in place. While a will is important, there are other legal documents that you should have to your name with the help of a South Florida Estate Planning Attorney.
Those other documents include the following:
- Revocable trust
- A living will
- Durable power of attorney
- A buy-sell agreement if you own a business
- Instructions for protecting digital assets
Do you have questions about your Estate Plan? Do you need to create a will and other legal documents to protect your assets? Call The Siegel Law Group, P.A., today to schedule a complimentary consultation with an Estate Planning Attorney.
Myth #3: An Estate Plan Is Only Needed In Death
A lot of our clients believe that an Estate Plan is only needed once they die. These Estate Planning tips show that an Estate Plan is important when you are also alive because of the documents that protect you. Should you become incapacitated, an Estate Plan can assist with all of the following:
- Authorize someone who is designated to make financial decisions on your behalf
- Designate someone to make healthcare decisions for you
- Designate who will be the guardians of your children under age 18
- Authorize someone to serve as successor trustee who can administer assets in a trust
Myth #4: If I Die Without A Will, My Family Will Inherit My Assets
We work hard to dispel the myth that dying without a will automatically means your spouse or children will inherit your assets. In some instances, this is correct, but you should never take the chance that your rightful heirs will receive assets upon your death.
Even if you have a will in place, your estate might still be subject to going through the probate process after you die. During probate, your spouse might not be able to access certain assets, leaving them in a precarious situation. Or, your assets might wind up in the hands of unintended beneficiaries, such as a former spouse or a financially irresponsible child.
Myth #5: I Have An Irrevocable Trust; My Asset Will Avoid Probate
In some cases, this is the truth, while in others, your assets can still wind up in probate even with an irrevocable trust. In order for the assets in the irrevocable trust to avoid probate, they must be funded correctly. For example, the assets must be titled to have the name of the trust or be payable to the trust using a beneficiary designation.
Myth #6: I Am Too Young To Have An Estate Plan
You are never too young to have an Estate Plan. In fact, you should have a will created as soon as you turn 18. You are no longer the responsibility of your parents, even if you still live at home. Having a plan in place from the minute you become a legal adult can protect you, your assets, and a significant other should you die at an early age.
It is important that you review your Estate Plan regularly, especially if you have experienced major life changes. For example, your Estate Plan should be reviewed and updated when you get married, have children, if you get divorced, if you inherit assets, when you buy a home, when you have grandchildren and any other time you deem necessary.
Call A South Florida Estate Planning Attorney Today
When you have questions about creating an Estate Plan, or need to update your current one, speak to an experienced South Florida Estate Planning Attorney. Call the office of The Siegel Law Group, P.A., at 561-576-6206, or complete our contact form to schedule a complimentary consultation.