What do you think is the top myth about estate planning?
1. Estate planning is only for the rich and famous
2. There is one cookie-cutter solution that will work for everyone.
3. Estate plans can be easily completed without an experienced estate planning attorney’s guidance.
The answer is ANY AND ALL THREE could be the top myth depending on who you ask. Let’s talk about each one.
So You’re Not Rich and Famous? You Should Still Have an Estate Plan
The rich and famous may have more “stuff” to worry about, but if you own a vehicle, a boat, a home, a summer home, or other personal assets, you have an estate. You need to plan how those assets might be distributed if something happens to you. Plus, included in virtually all plans are essential legal documents such as Power of Attorney, Living Will, and Medical directives.
Cookie-Cutters Work for Cookies; Not for People
Every individual or family has distinct financial situations, family dynamics, and long-term objectives. Relying on a generic, cookie-cutter estate plan could lead to unintended consequences, such as higher taxes, disputes among beneficiaries, or assets not being distributed as intended.
DIY Estate Plans Can Only Be as Good as Your In-Depth Knowledge of the Law.
Unless you are a practicing estate planning attorney, the old cliché, “don’t try this at home,” applies here. Nothing can replace an experienced estate planning attorney, who practices in the state where you reside, to provide all the guidance needed to ensure your plan is legal and meets your needs. Like the “cookie-cutter” templates, doing it yourself will almost certainly lead to unexpected problems.
When creating your estate plan, there are benefits you can enjoy during your lifetime, and of course, most want it so their loved ones aren’t left to sort out their affairs. Why would you risk leaving them with a plan that may not be legal or presents even more significant challenges for them? I’m confident that’s not what you want for them.
Let’s get together soon to work on your estate plan from scratch or to make updates. Don’t let the myths keep you from doing the right thing for your family. Call me at 513-399-7526 or visit my website at www.davidlefton.com.