When people consider the idea of making an estate plan, it often seems daunting. This can be due to the fear of anticipating death as well as the many misconceptions that surround it. While this can sometimes deter a person from wanting to create an estate plan for themselves, doing so is one of the most important things a person can do in their life. This is because it gives them a plan for the future of their assets and health. Continue reading below to learn about the most common estate planning myths and the realities behind them.
A Will Oversees All of My Asset Distribution
A will allows an individual to determine how they want their assets to be distributed after their death. This can include anything from small family heirlooms to homes and cars. However, it is important to know there are limitations to this. If you have any joint accounts or accounts with beneficiaries attached, you do not have power over these assets to give them away.
I’m Done Once My Assets Are In Order
In addition to preparing assets, an estate plan allows a person to plan for the future of their health. This may be in the event of incapacitation at some point in your life and you are no longer able to care for yourself. This can be planned for by outlining the medical treatment you would want or appointing a healthcare proxy to make these decisions for you.
I Can Make an Estate Plan When I’m Older
An estate plan can be made at any point in your life. It does not have to be only when you grow older. It can benefit you to make it as soon as you begin to gather assets. This is because life is unpredictable and it is important to always be prepared.
I Cannot Change an Estate Plan Once I Make It
As your life changes, so can the information that your estate plan should have. This is because any changes in family situations or finances can call for an update. This can be an increase in finances or an addition to a family just as much as any losses you may experience. Estate plans should be reviewed every three to five years or after a major life event.
It’s Too Complicated
It can seem like a long and difficult process to make an estate plan. However, an experienced estate planning attorney can assist you in organizing your assets and outlining the goals that are important to you so that there is no confusion in your plan for the future.
Estate Planning is For The Rich
Even those without a large wealth should create an estate plan. Often times, people do not realize how many assets they have and neglect to prepare them for the future. This can include a home, household possessions, family businesses, vehicles, retirement or savings accounts, investments, and more.
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.
