New York Estate Planning & Elder Law Blog
It’s understandable that people avoid estate planning. Plotting for what happens after we die can be a scary and uncomfortable thought process.
To make sure that you receive the best care possible and that your loved ones receive assets from your estate, however, it is critical to create an estate plan that will be able to successfully carry out your wishes.
To avoid having to perform estate planning, there are a number of lies that people tell about themselves. By understanding the truth behind these lies, it is possible to greatly increase your chances of making the estate planning process as successful as possible.
Lie # 1 – Wills Are Not Necessary If You Have a Lot of Money
Even people with small bank accounts or a limited number of assets need to create wills. It is important to make sure that your assets pass on to the people you love.
Wills also cover much more than financial issues and can be used to appoint a guardian for any children you might leave behind.
Some people also use wills to describe how they would like their body disposed of following their death. Whatever you prefer, a will can be used to make sure your wishes are properly carried out and that any loved ones you leave behind are not left trying to figure out your wishes.
Lie # 2 – An Estate Plan Is Not Necessary Because Nothing Has Changed
It’s very common for people to say that nothing has changed, when in actuality what they mean is that nothing dramatic in their lives have occurred.
There are actually a number of changes that can occur in a person’s life and substantially impact an estate plan. In addition to changes in tax laws, one of the other areas of estate plans that are known to change suddenly include developments in a person’s ability to successfully function as a beneficiary, executor, or other trusted position.
Lie # 3 – There is No Need to Update Beneficiary Forms if You Have a Will
A will plays an important role in many estate plans, but will does not determine how all assets will be divided. Instead, for many people, their wills only govern how their personals assets will be distributed but not their financial assets.
While homes frequently transfer by title, assets in retirement accounts often also transfer by the terms of the document rather than what is contained in a will. By keeping your retirement accounts up to date, you can create the greatest chance possible that your assets will be distributed in accordance with your wishes.
Speak with an Experienced Estate Planning Lawyer Today
One of the advantages of obtaining the assistance of an experienced estate planning attorney is that a knowledgeable lawyer can explain any uncertainties that you might have about the estate planning process.
If you have questions or concerns about the estate planning process, you should not hesitate to speak with an experienced attorney. Contact Ettinger Estate Planning today to obtain the assistance of an experienced estate planning attorney who can make sure that your estate planning resolves in the manner you desire.