February 2023
MYTH: Estate plans are for older people.
FACT: Estate plans are for anyone who has assets or anything of value, even if sentimental, that they want to leave to loved ones.
MYTH: I have a Last Will and Testament (will), so I don’t need to go to probate.
FACT: Despite this being a widely known statement. It just isn’t true. A will in most states is required to go through the probate process at court. The terms of a will overrides who your state has designated as your beneficiary. This document allows you to leave anyone as a beneficiary as opposed to the restrictions the state has. The bottom line is… if you do not create your own estate plan, the State will provide one for you.
MYTH: When I die, my family will automatically get my assets.
FACT: Assets will only transfer automatically to your beneficiaries if you have an estate plan that works! Otherwise, probate will be necessary for your heirs to receive assets, and it is not an automatic thing.
MYTH: If I ever become sick or incapacitated, my family will handle things for me.
FACT: Most institutions, like banks, hospitals and utility companies will not allow others to handle your affairs unless there is some type of documentation in place. If you fail to have a proper plan when you become incapacitated, your local court will appoint someone to make health care and financial decisions for you.
MYTH: I am automatically guardian of my spouse or adult child if they become incapacitated.
FACT: Unfortunately, laws do not allow for people to handle assets belonging to other people, unless there is proper documentation in place. Regardless of the relationship. If you are not a joint owner of the asset with that person, a Power of Attorney or other court document will be necessary to gain access to the asset.
This blog post is written for educational and general information purposes only, and does not constitute legal advice. There is no attorney-client relationship between you and the blog publisher. This blog should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.