Common Estate Planning Myths:
Are you a victim of the following estate planning myths and misconceptions?
I’m Too Young for Estate Planning
Someone as young as 20 years can have a will. Therefore, starting your estate planning while you’re still young and keeping it updated regularly will keep your assets free from legal complications in the event of incapacity or death.
I Don’t Need an Attorney to do Probate
You do because the procedural requirements for probates are complex and handing the task of preparing a detailed estate plan to a personal representative will alleviate an enormous burden on you. Besides, your estate planning documents rendered invalid due to errors when you do it yourself.
I’m not Wealthy
All adults who have children or own any property or assets should plan for incapacity and death regardless of the value of their estate.
The Court Can Correct a Bias Will
Even if a will benefits one person or sibling more than the other, the court is not authorized to revise a deceased Will provided he or she executed a valid will in the first place. You may also have a revocable living trust, however, making a will is the best way to transfer guardianship of minors.
Learn more about attorney Joseph Michael Dickerson and the legal services he provides for clients including: estate planning, probate law, guardianships, and power of attorney (POA).