Estate Planning Myths: What is the Truth?

Estate Planning Myths: What is the Truth?

There are a wide variety of misconceptions that come with estate law. There are many people who believe it is too difficult, too expensive, or not for their family. However, this is not necessarily the case. Estate planning is a crucial part of life. Continue reading below to learn the truth behind common estate planning myths and contact an experienced New York estate planning attorney for assistance.

Myth: Estate Planning is Only for Money

Finances are often a driving factor that gets people to create an estate plan. However, it is not the only factor. Estate plans make things easier for loved ones during a time of significant loss and grief, as it lays out the deceased’s wishes and values. This allows them to follow what they would have wanted, protecting a family for years to come.

Myth: Estate Planning is Expensive and Lengthy

Despite the expense of enlisting an attorney for assistance drafting documents, estate planning actually helps to save time and money in the long run. Without an estate plan, beneficiaries will have to go through probate, a lengthy process in its own.

Myth: Estate Planning is for the Rich

One of the most common estate planning myths is that a typical family does not have an estate to plan for. However, an estate refers to things a family owns. This can include a home, car, bank account, etc. Creating a plan provides instruction for loved ones to handle these assets during a difficult time. It can accomplish the following:

  • Finances are managed in the event of incapacitation
  • Healthcare decisions will be carried out as intended
  • Children and other heirs will be cared for

Myth: Estate Planning is Not Urgent

An estate plan can be created at any age. It does not necessarily have to wait until an older age. A comprehensive estate plan includes documents that address healthcare, financial obligations, etc. in the event of incapacitation or disability. While no one wants to consider these things, it is possible to happen at any age. It is because of this that these wishes should be expressed as soon as possible, as no one can predict the future.

Contact our Firm

Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.

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