An estate plan can be complicated, and there are many myths surrounding the process. From probate to guardianship to simple wills and trusts, there are many aspects of planning that should be reviewed by an attorney. Planning is important for every single individual who wants to see their assets and wealth passed down in the way they prefer. At Horn & Johnsen, we want to dispel some common myths about this topic, so our clients are prepared for anything that may come their way.
Myth 1: Only the Wealthy Need an Estate Planning Lawyer
Putting your affairs in order isn’t just about your money. The process is also used to ensure that you are cared for financially if you are incapacitated in any way, that your health care orders are carried out how you wish and that your heirs or children are cared for if something happens to you. An estate plan is important for anyone who may pass away or become seriously ill at any time. Basically, everyone needs an estate plan.
Myth 2: An Estate Plan Is Only Necessary for Older Individuals
While it’s true that the elderly are more aware of their mortality, the reality is that anyone is susceptible to death or injury at any time. No matter how small your wealth may seem, it’s important that your assets are accounted for and that your family is cared for if anything were to happen to you. This is especially true if you have children and you need to designate a guardian for them. An estate plan can help to alleviate stress and give you control over your life.
Myth 3: A Will Protects From Probate
Probate can be an expensive, long process during which the courts determine who inherits your assets. Even if you have a simple will that specifies your wishes, it can be contested in court. This means that while the court has guidance about what you prefer, your estate will still have to go through the probate process. An estate planning lawyer attorney can help you to minimize the chances of your estate going through probate.
Myth 4: A Lawyer Is Not Necessary for Estate Planning
Many estates have complicated issues that you don’t see coming, and an attorney can provide legal advice and preparation for things you didn’t anticipate. A qualified attorney can ensure that all your affairs are in order and that your estate gets where you want it as quickly as possible if something were to happen to you.
At Horn & Johnsen, we offer a variety of services for those who want to plan. If you have questions about your estate plan or want to get started, contact us today.