Estate planning is a daunting task, and the number of myths surrounding the process complicates matters even further. That is why our experienced New Jersey estate planning firm compiled the following list of disproven estate planning myths. Please read on to learn more:
Writing a will ensures my assets are distributed completely. This is not true. Although wills are great tools to document who will receive assets such as cars, collections, and more, a will does not address certain critical assets, including joint accounts and certain accounts with beneficiaries linked to them.
I do not need to hire an attorney to write my will. Many people assume that estate planning is easy, and with the wealth of articles and free online will-writing kits available, it’s no secret why so many people go it alone. However, what you may not realize is that by creating your will alone, you open yourself up to several potential legal pitfalls that may far outweigh the cost and slight inconvenience of hiring an experienced estate planning attorney.
There is no point in creating a will until I am old. Many people also assume that they will not need a will as a younger person, especially if they don’t have many financial assets and are, say, just starting their career. This is simply untrue, especially if you have children. You will want to ensure they or your spouse receive those assets, and you will also want to establish a guardian(s) to look after your child, should you and your spouse pass unexpectedly.
It is too complicated to create an estate plan. Though it may be too complicated or overwhelming to create an estate plan on your own, the truth is, with the help of an experienced estate planning attorney, it does not have to be. Our firm has been helping individuals just like you create comprehensive estate plans for years, which is why we know we are more than qualified to assist you.
Once I create an estate plan, I can put it away forever. Though this would be nice, the truth is, you will need to revise your estate plan throughout your life. For example, if you get divorced, you would most likely not want your assets going to your former spouse upon your passing. That is why you should update your estate plan with an attorney yearly, or at least after all major life events.
Contact Our Experienced New Jersey Firm
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. That is why we are confident we have what it takes to provide you with the effective legal counsel you need. If you need experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.