Creating an estate plan is incredibly important if you want to ensure that your wishes are carried out in the event that you become incapacitated or pass away. Oftentimes, people delay creating an estate plan because they have bought into different myths about estate planning. But life can change at any moment, which is why it’s imperative not to put off this important task or risk leaving your loved ones unprepared for the obligations of properly handling your assets.
Below, our Tampa estate planning attorneys will debunk some of the common myths surrounding estate planning.
Myth 1: Only Wealthy People Need an Estate Plan
Estate planning isn’t just for wealthy people. Almost every adult should prepare for death or incapacitation no matter how much their estate is worth.
If you have children, own real estate, own $150,000 or more in assets, or want to ensure your estate doesn’t have to pay exorbitant taxes upon your death, then you should create an estate plan.
Myth 2: I’m Not Old Enough to Make an Estate Plan
Estate planning isn’t just for older people. It’s not pleasant to think about, but nothing in life is certain. Although everyone hopes to live a long life, no one can be sure that they will. It’s important to make a plan so that no matter what happens, your loved ones will know what to do with your assets.
Adults of all ages should designate someone they trust to handle medical and financial decisions on their behalf in the event of their death or incapacitation. Failing to establish a legal representative in your estate plan risks causing confusion and stress among your loved ones. Start planning early and update your estate plan throughout your life as needed.
Myth 3: I Have a Will So I Don’t Need an Estate Plan
Many people believe that leaving a will is sufficient. A will might be adequate if you don’t own real estate and your assets are worth less than $150,000, but if you do meet these benchmarks, then you need to have an estate plan if you want your heirs and beneficiaries to avoid costly and time-consuming probate procedures.
It’s also worth noting that while a will dictates how your property should be handled and distributed after your death, it does not address what should happen if you become incapacitated. There are other documents and tools that an estate attorney can employ that address how medical decisions should be made if you become incapacitated and how your money should be managed.
By crafting a proper estate plan, you can make sure that your assets are handled the way you want them to be handled and that your children are adequately provided for.
Myth 4: Once I Have Created My Estate Plan, It is Finished
Your estate plan should grow with your life circumstances. Many factors may influence changes to your estate plan over the years. For instance, if you get married or have children, you may wish to revise your estate plan to ensure that anyone you leave behind is adequately provided for. You should review your estate plan at regular intervals to ensure that all of your wishes are properly carried out.
If you have questions about creating an estate plan or need help revising an existing estate plan, contact our Tampa estate planning attorneys at (813) 438-8503 for help and guidance.