When it comes down to estate planning, it’s not a concept that many people can master overnight. Of course, the reasons why estate planning is necessary are straightforward. However, what isn’t so direct is recognizing the different documents you may need and knowing the ins and outs of how to look at your countable assets. For that reason, it’s best to have a competent and well-versed estate plan lawyer on your side. Millman Law Group offers a wealth of knowledge, and today we’re here to debunk some of the four most common myths regarding estate planning.
Myth #1: Estate Planning Only Matters If You Have a High Net Worth
If you have property or assets and your loved ones depend on you for financial stability or general care, you should have an estate plan regardless of your estate’s size. Age is not a factor, nor is estate size or marital status. Do you own bank accounts, investments, a car, or other property? Most people own a combination of these things meaning that you can benefit from an estate plan.
Myth # 2: An Estate Plan Only Matters Regarding Asset Distribution When You Pass
Legacy and incapacity are factors that tie into estate planning. These aspects encompass more than managing your assets during and after your lifetime. Every testator or will creator has unique goals, and your legacy is very personal. Estate planning can include making charitable contributions or gifting strategies. However, monetary aspects only skim the surface. An estate plan passes down values, experiences, and hard work that define who you are and who you were in the most meaningful way.
Furthermore, incapacity planning helps prepare for unexpected circumstances and is a health concern as it’s a financial concern. In this process, you can name a guardian for your minor children, decide who will manage your affairs if you no longer can, and determine what type of care you’d like to receive.
Myth #3: A Will Can Oversee All of Your Assets’ Distribution
Particular assets may sit outside of a will, such as 401ks and IRAs. For this reason, it makes a world of difference to review your account beneficiary designations annually or as life changes occur. The perfect example is the case of a divorce. If you decide to remarry, you want to ensure that you update the beneficiary designation on your IRA account to your new spouse. Healthcare proxies are also another consideration. The point is that there are many aspects to estate planning versus creating a will.
Myth #4: I Will NEVER Have to Revisit My Estate Plan
We encourage you to never think of an estate plan as a “one and done” deal. Life changes, and so does preferences. What if a new grandchild comes into the picture? What if you decide that you want to move to and retire in Florida? For this reason, we strongly encourage you to invest in a revocable living will versus an irrevocable option.
If you’re a South Floridian who wants to prepare for the future, give us a call today!
Estate Planning Made Easy
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.