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Estate Planning Myths

On Behalf of | Nov 2, 2018 | Firm News

  • Estate Planning Myths

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 386-661-8660. We offer consultations in our offices in Ormond Beach and Palm Coast.