If you are estate planning near Livermore and Tracy , you may feel overwhelmed by the process. However, estate planning is essential to mapping out your financial future. With the right lawyer to explain the intricacies of estate law, the process is much simpler and more efficient. Because so much confusion surrounds the concept of estate planning, it is important to dispel some commonly held misconceptions. Read on to learn why some myths you may believe about estate planning are just not true.
Estate Planning Is Only for the Wealthy
Estate planning is important for any individual who wants to have their final financial wishes respected. The myth that estate planning is only for the rich likely comes from the idea that some attorneys focus on the estate tax, which only comes into play when your assets surpass $5 million. But estate planning is about much more than avoiding this tax. Estate administration involves making sure your health care wishes are carried out and your children are taken care of.
I Am Too Young for Estate Planning
Lawyers advise even young clients to begin the estate planning process as soon as possible. Unfortunately, accidents and early deaths do happen. While you might not want to consider the possibility now, meeting with attorneys to create a plan for estate administration is the only way to truly know that your last wishes will be respected.
If I Die Without a Will, the State Will Get My Assets
As your attorneys will advise you, a will is essential for ensuring that your money is distributed according to your wishes. If you pass away without creating a will, your state’s laws of intestacy will apply to determine how your assets are allocated. However, your money will not be donated to the state. If you want to make sure your financial resources go to certain people, especially if you have children or close relatives, you need to hire a will lawyer.