The concept of estate planning can be quite perplexing for some. And certain myths and misconceptions about estate planning that have been making rounds for quite some time only worsens the situation. This can only ruin your plans and give a hard time for your family. Here are 4 common misconceptions about estate planning debunked for you by an estate planning attorney in San Diego. Armed with his knowledge, you can be sure your estate planning process will go as smooth as intended.
Myth 1: Estate Planning Is a One Time Process That Need Not Be Handled Again
Fact: Estate planning isn’t something that needs to be done once, and never be cared about again. The documents have to be regularly updated as the law changes through the years for it to remain effective and valid. For instance, if you have gone through a divorce and you forget to update your will, trust or beneficiary, it could lead to legal complications down the road.
Myth 2: Estate Planning Is Only For the Rich
Fact: Several people believe that estate planning is only for the rich and the elderly, but that is not true. San Diego estate planning attorney says Estate planning is all about passing over your assets/wishes after your death. Estate planning makes it easy for family to handle things when something happens to you. Estate planning is obviously needed if you have kids, to ensure they are taken care of by someone chosen by you. Simply put, estate planning is not always about money.
Myth 3: It’s Ideal to Keep Estate Planning Secret
Fact: Keeping your estate planning decisions and the documents secret isn't a good idea, because your family would end up spending so much of time and money working with the lawyers to sort out your estate. Furthermore, they would not know what you true wishes are and how to fulfill them if something happens to you. This is why it is important that you have an open, direct conversation with your family at some point of time.
Myth 4: A Trust Allows Your Estate to Avoid Probate
Fact: It is very important that your assets should be properly titled in the trust for them to remain secure. This process is called Funding, and this needs to be done every time you acquire new assets. Improper or inadequate Funding can make it seem that you do not have a trust at all, due to which your family will have to deal with probate Court. Eventually, your wishes might go unfulfilled after your passing.
Estate planning isn't it do it yourself project. To prevent any sort of legal ramifications associated with estate planning, hire an estate planning lawyer in San Diego today.
The author is an experienced San Diego estate planning attorney who has been working in the industry for over 5 years. He reveals some of the common myths about estate planning and the corresponding truths about it in this article. For more information, visit https://odgerslawgroup.com/