There are numerous misconceptions out there about the law and, of course, many myths related to estate planning. Some of these misconceptions may be discouraging you from seeking the help of an estate planning lawyer or planning your estate, to begin with. That is why we want to debunk a few of those estate planning myths. If you want to learn more about creating wills, navigating probate, and how passing on assets works, discuss your concerns with The Millman Law Group today.
Myth 1: A Will Isn’t Necessary
You may assume that if there isn’t a will in place when you die, your spouse will immediately inherit everything. This is false. If there is no will, the laws of your state will take precedence and determine who gets what. If you want to dictate how much of your estate goes to your spouse, children, or other beneficiaries, you must create a will that outlines your wishes.
Myth 2: Having a Will Means There’s No Need for Probate Court
Having a will is not enough to protect you from the probate court. A will is, in fact, not legally effective until the will is presented to the probate court. Unfortunately, this process can take up time and money, even in the easiest of circumstances. If you wish to avoid probate, your estate planning lawyer can help you figure out the best ways to do so. Those methods can include creating trusts, which make passing assets down more manageable.
Myth 3: The Family Gets Stuck with All Debts
This is one of the estate planning myths that is half-true. The deceased’s debts do not have to be paid by the family. However, they will be paid off by the deceased’s estate, which will then decrease by the amount of debt owed. This means that the family members will inherit less, but they won’t be paying debts out of their own pockets.
If you are concerned about any of these estate planning myths or more, reach out to The Millman Law Group to have your questions answered by experienced professionals.
Estate Planning Made Easy With Millman Law Group
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.