When most people hear the term “estate planning,” they think it’s only for the wealthy or the elderly. But at The Estate Planning Law Center, we know that estate planning is for everyone, no matter their age or financial status. Unfortunately, there are several myths that keep people from taking action—and today, we’re here to debunk them. Let’s address some of the most common myths about estate planning: Myth 1: Estate planning is only for the wealthy. Many people believe that if they don’t have a large estate, they don’t need an estate plan. This couldn’t be further from the truth. Estate planning is about making sure your wishes are honored, and your loved ones are cared for, regardless of how much money or property you have. Myth 2: I’m too young to worry about estate planning Estate planning isn’t just for retirees. In fact, if you have children, own
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For many people, the end of the year is a whirlwind of family gatherings, holiday parties, and last-minute to-dos. It’s a joyful but hectic time, where estate planning often takes a backseat to more immediate concerns. But here’s the thing: November is the perfect time to take care of your estate plan before the holiday chaos begins. Imagine this: It’s December, and you’re rushing around buying gifts, making travel plans, and preparing for family visits. The last thing on your mind is estate planning, but then it hits you—what if something unexpected happens during this busy time? Is your family prepared? Are your wishes documented? That’s why The Estate Planning Law Center encourages you to plan now, in November, when life is a little calmer. By the time the holidays roll around, you’ll have the peace of mind knowing your estate plan is complete and your family is protected. Let’s
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In this post, we’ll continue our discussion of why everyone needs an estate plan. Loss of Control Losing control over how your assets are distributed after death isn’t the only negative consequence of failing to plan. You and your family may suffer physically, financially and emotionally while you are still alive. For example, a properly designed and implemented plan allows you to name people you trust to make medical and/or financial decisions on your behalf if you become incapacitated. Without a plan, someone will petition the court for the right to make these important decisions for you. The court could very well decide to choose a person or persons you would never have wanted to have such authority. The result? You may not receive the level of medical care you would have wanted. Conversely, you might be subjected to medical procedures you would not have wanted to keep you alive
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We often discuss the benefits of estate planning. However, a discussion of what can happen when a person fails to plan is perhaps a more powerful way to stress the importance of proper planning. Let’s look at a few potential consequences of not having a plan of your own. If a person passes away without a will or trust, his or her estate assets are distributed according to what is known as intestate succession. It is important to note that certain assets are not subject to intestate succession laws. These can include funds in an IRA, 401(k) or other retirement account; property owned in joint tenancy or tenancy by the entirety; proceeds from life insurance policies; payable-on-death bank accounts; and securities in a transfer-on-death account. Most other assets are transferred according to intestate succession. As a result, “who gets what” follows a strict formula, with no regard to the actual
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