Is estate planning only important for those with assets?
Estate planning is a field has a lot misconceptions. Many people have heard rumors and falsities regarding estate planning, which may dissuade them from creating an estate plan. Perhaps the largest myth about estate planning is that an estate plan is only about death. In fact, your estate plan is a part of your greater life plan. Your estate plan will help to define your legacy, while protecting you during your lifetime and ensuring your heirs are well taken care of upon your death. Below, our San Ramon estate planning lawyers debunk some of the most common estate planning myths.
Myth: Estate Planning Is Just for the Wealthy
Many Americans have come to believe that an estate plan is only necessary if you have significant assets. People may believe that unless you have assets that could expose you to taxation, there is no real reason to create an estate plan. However, an estate plan is critical for those from all walks of life. Estate planning is vital for anyone who has someone they love and everyone who wants to ensure they are cared for in the event of incapacity.
With an estate plan, you can transfer your assets to your heirs in an efficient manner. Your assets could include your home, bank account, car, or anything else of value. You can name a guardian who will care for your minor children upon your death. You can further name an individual who will make vital healthcare and financial decisions on your behalf if you become incapacitated.
Myth: Estate Planning Is a One Time Process
There is a common misconception that once you have created your estate plan, the estate planning process is complete. You can set aside your estate plan, with no need to revisit it in the future. Taking this approach could leave you with an estate plan that no longer reflects your needs, wants, or the current tax laws. Our lives are ever shifting and it is important to periodically make sure your estate plan is still accurate and current.
Our San Ramon Estate Attorney Can Help You with Your Estate Plan
Certain life events will dictate a change of your estate plan. These life events include: divorce, a change in income level or assets, new children, new grandchildren, altered tax laws, and much more. Changes to your estate plan can typically be made with relative ease by your estate planning lawyer. Sit down with an estate planning lawyer today to find out more about the truths behind estate planning and why your estate plan matters so much to you and your loved ones.