Mara Law, P.A.
Protecting you, your family
and your assets

386-672-8081

Mara Law, P.A.
Mara Law, P.A.

Estate Planning Myths

Fri, Nov 02, 2018 at 10:35AM

  • Image

Over the years, there have been many misconceptions and rumors about estate planning. In reality, the process is straight-forward and easily understandable. The best way to get started is to search for skilled and qualified estate planning lawyers in Daytona Beach.

Some people become frustrated or overwhelmed by estate planning. The trouble is, without express written instructions concerning your final wishes, you could have unintended consequences with Florida Statutes dictating who your beneficiaries are. Thankfully, that scenario is easily avoidable by learning the facts about estate planning. Get started here:

Timing and Family Ties

Some people believe effective estate planning is only for the very wealthy. Others think they’re “too young” to start thinking about the future. The fact is, you can and should execute an estate plan no matter your assets. As for age, experts recommend planning and implementing a sound estate plan as early as possible. The reality is that none of us know when our time will come. Why risk leaving your loved ones without financial protection?

Another common thought is that marriage somehow automatically designates assets to a spouse. Others rely on family members to “do the right thing.” Unfortunately, without express instructions regarding your final wishes, loved ones may be legally incapable of claiming your assets. Despite your best intentions, all or the bulk of your estate could become the subject of a complex and needlessly drawn-out process. Prevent this from happening by teaming with a trusted and reputable Daytona Beach probate lawyer, who can help you determine your next steps.

Insufficient Assets

Another misconception about estate planning is that you must possess a wealth of funds and physical assets. Some people think because they don’t have retirement accounts, insurance policies, and other financial assets, then they are ineligible to craft a comprehensive estate plan. In reality, most people own more assets than they can immediately think of. This includes your home, vehicles, bank accounts (checking/savings), physical assets, and more.

Communication remains key to any effective estate plan. In addition to open and honest discussion with family members and loved ones, it’s imperative that you contact a reliable attorney in Daytona Beach, particularly if you have minor children or other dependents.

Wills and Asset Distribution

Estate planning experts often tout the importance of a detailed will. This essential document details your express wishes for what should happen with your assets after you pass away. However, one rumor that some have heard is that without a will, the government automatically owns all your assets. That’s simply untrue. Each state has its own specific laws of intestacy. Still, that doesn’t mean going without a will is a good idea.  The best way to ensure asset protection is to contact reliable Daytona Beach attorneys well-skilled in estate planning. 

Legal Representation

Some individuals have tackled the sometimes-complex estate planning process on their own. The trouble is that you set yourself up for errors and unnecessarily-complicated procedures. That’s why it’s important to partner with a dependable attorney who can help you navigate the best approach to comprehensive estate planning.

Please call Wendy A. Mara of Mara Law, P.A. at 386-672-8081. We offer consultations in our offices in DeLand, Ormond Beach, and Palm Coast.


Bookmark & Share



User Comments


Be the first to comment on this post below!


Popular tags on this blog

agency rights | alimony | business entity | business interests | child support | Daytona divorce lawyer | estate matters | estate planning | family law matters | Florida estate law | gay marriage | grandparents rights | Guardian Ad Litem | guardian advocate | LLC law | marriage annulment | parental relocation | paternity action | probate | probate lawyer | same sex marraige | S corporation | social media | Trustee | visitation rights |
Contact us

Location

Mara Law, P.A.

Office 1

555 West Granada Blvd, Suite B5
Ormond Beach, FL 32174

386-672-8081

 

Office 2 (By Appointment Only)

Downtown Executive Center of DeLand
120 S Woodland Blvd.
DeLand, Florida 32720

 

Office 3 (By Appointment Only)

389 Palm Coast Parkway SW, Ste 4
Palm Coast, Florida 32137

 

Pay online

Memberships & Recognition
image
image
image
image
image

Mara Law, P.A.. Our main office is in Ormond Beach. We're also available in Deland and Palm Coast by appointment only.

Attorney Advertising. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. [ Site Map ]

See our profile at Lawyers.com or Martindale.com