Many individuals procrastinate or avoid the process of estate planning because of fear. They have been misinformed about what is needed, have listened to family stories about the bad experiences of others, or simply have watched too much television and have formed their opinions about what estate planning is and isn’t based upon these misguided resources. Here are a few of the most common misconceptions about the subject of estate planning and the corresponding actual facts.
Estate Planning is only for the Filthy Rich
Even if you are not a member of the Rockefeller or Kardashian families, a basic estate plan is needed for every individual over the age of 18 in Florida. Florida does not recognize the concept of “next of kin” for many important roles, so having a basic estate plan starting at age 18 is crucial to protect you while you are still living! Parents of college students no longer have legal authority over their young adults so having legally protective documents such as power of attorney for your adult children is critical.
Estate Planning is only for the Elderly
Putting off the process of estate planning until you are at an advanced age is unwise. None of us have a crystal ball to disclose the date of our eventual demise and guessing when is the latest possible time to complete an estate plan is foolish. Most people experience a health challenge or other event at some point during life in which power of attorney documents become vital. Not having these living protection documents in place could compromise care or quality of life.
Estate Planning Causes Imminent Death
There is no known link between completing an estate plan and an untimely death. We do discuss the topic of death in the estate planning consultation with dignity
and honor. In fact, most of the concepts discussed and documents created in forming a complete estate plan protect an individual while they are still living.
Estate Planning is Very Expensive
A reputable law firm will charge a fee based upon the appropriate plan for each individual or family, not a one-size fits all. The cost of an appropriate estate plan should be scaled to the needs of each individual, and for those of modest means, it should be very affordable.
These are just a few of the erroneous beliefs that stop people from seeking professional assistance to complete an appropriate estate plan. Avoiding having a complete and up-to-date estate plan could have devastating effects for you and your family.
Schedule your free consultation with Chechele Law today to make sure that you are covered and your family is protected with a current and complete plan.
It is a Good Idea to Do Estate Planning Myself with Documents I Found on the Internet
This is actually a very bad idea. When is it ever a good idea to take on a project where you have no knowledge about the area except what you learned on the internet? The internet is full of flawed or partial information and you don’t know which parts pertain to you and which do not.
One of my favorite sayings is, “you don’t know what you don’t know.” This concept certainly pertains to estate planning. There are websites that show you how to do your own dentistry, including crowns, fillings and root canals at home, and no sensible individual would attempt this. Doing your own estate plan could create the same type of bloody mess! Estate planning is a job best left to a qualified attorney.
Having a Last Will and Testament Avoids Probate
Most people believe this to be true, but having a will means “probate with directions.” There are other appropriate estate planning mechanisms, such as a fully-funded living trust, that can help to avoid probate, but a will alone does not serve that purpose.
The Family Gathers at the Attorney’s Office for a Reading of the Will After a Death. This one is only for television and does not occur in real life! It does make for some dramatic non-reality TV, of course!
TRUST & TAXES: ESTATE PLANNING – Fact or Fiction
by Samantha Chechele