Although the concept of planning an estate is relatively straightforward, many people are not sure what’s involved, and the confusion has led to many persistent misconceptions about the process. Discover some of the biggest myths in the guide below.
The Estate Isn’t Big Enough to Require Planning
Most people don’t spend much time thinking about estate planning. In part, it’s due to a reluctance to face one’s own mortality, but it’s also due to a common belief that only the wealthy need to engage in estate planning. However, everyone needs an estate plan, regardless of the amount of property they have, and planning can be surprisingly easy.
Estate Planning is About Assets and Property
Estate plans aren’t just about tangible assets; they’re about dealing with personal matters. If a client has children, a Probate Attorney in Dundalk MD can help them choose a guardian and create directives related to their own well-being and health. An attorney can help a person appoint someone to speak for them when they’re physically incapacitated, and a living will is just as important as documents relating to the disposition of assets.
Probate is a Nightmare
This myth is one of the most prevalent on this list, but probate’s bad reputation is largely undeserved. In the past, the probate process was more expensive and cumbersome, particularly in jurisdictions that based costs on estate size. With the help of a Probate Attorney in Dundalk MD, a client can streamline the process and keep expenses controlled.
It’s Easy to Disinherit Relatives
It’s a common scenario in movies and on television: a family patriarch disinherits a lazy son or an unfaithful wife. However, real life is entirely different. While it’s possible to cut someone out of a will, it’s harder to disinherit some people than it is to disinherit others. In most cases, it’s almost impossible to cut a spouse out of the will, because they have a right to waive a will and get a portion of the estate. Disinheriting someone is a sure way to get a will challenged, and it should only be done under an attorney’s guidance.
While estate planning can be difficult, certain misconceptions make the process even harder. Consult the office of Maria Caruso to learn more about one’s legal rights and responsibilities during the estate planning process.
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