Estate planning often seems like a difficult thing to tackle at first. While it is often complex and takes time and effort to work through, many myths also exist which make it sound much worse than it actually is.
Before tackling an estate plan, it can help greatly to understand the myths surrounding probate and debunk them.
Who needs an estate plan?
Forbes discusses myths related to probate and estate planning. First, many people falsely believe that estate plans only exist for certain groups of people: primarily the wealthy and the elderly.
This is not true. Anyone with a certain amount of assets or certain asset types could benefit from having an estate plan. On top of that, estate plans manage so much more than financial wealth. It also takes care of planning for healthcare in the event that a person ends up incapacitated, and determining how a person’s finances will get taken care of in the event of said incapacitation.
People without wills will die intestate, meaning the state court will seize their assets and decide how to divide them up and who to give them to. In other words, the deceased person has no control over what will happen to their belongings. However, this does not mean the state will get a person’s assets and items after their death if they die without a will.
Of course, having legal aid can help any person get through this process. This is why many people will seek the aid of legal counsel when creating their estate plan.