Common myths can lead people to misunderstand complex laws and not make an estate plan. This can lead to a lot of difficulties for family members and loved ones as they try to manage a decedent’s assets.
If you want to learn more about estate planning, here are a few myths to avoid:
Myth: It’s better to let the state distribute your estate
Truth: The state is responsible for distributing your assets if you die without a will, which is also called intestate. However, your assets may not be distributed the way you intend to have them managed. The state will assign an executor and distribute assets to heirs. An heir is a close living relative, which might include a spouse, child, parent or other family member. A wish to have a certain relative or friend benefit from your estate may not happen without a will.
Myth: You don’t need an estate plan when you’re young
Truth: Estate planning is mainly focused on distributing assets, which many people don’t plan for until they’re older. However, people who make their estate plans early can also focus on naming a power of attorney or child guardian. A power of attorney can handle medical and financial affairs if the testator becomes incapacitated. A child guardian could raise a testator’s child if the testator suddenly died.
If you’ve never made an estate plan, then the process can seem very complicated at first. However, it’s often common myths that make the process look a lot more complicated. It may benefit you to get legal help as you explore your estate planning options.