Five Myths about Estate Planning

Five myths that prevent people from scheduling an appointment with an estate planning attorney

1.) Estate planning is only for the wealthy.

It’s a misconception that only wealthy people benefit from estate plans. In reality, anyone can benefit from having an estate plan, regardless of their age or financial status. What estate planning documents do is make sure your final wishes are honored in the event of incapacitation or death. For example, an estate plan can outline what life-saving procedures you want.

2.) I’m too young to need an estate plan.

Don’t put off scheduling a consultation with an estate planning attorney until the last minute. If you are of sound mind and body, this is your best opportunity to create an ironclad legal Will or Trust. Keep in mind that estate plans aren’t just for the elderly. For example, if you are a parent, you may decide to create an estate plan to designate a guardian for your young children if something ever happens to you.

3.) My spouse will inherit everything when I die.

The default rules of intestacy in Georgia dictate that the surviving spouse does inherit the entire estate if there are no living children or grandchildren of the deceased. If there are children or grandchildren, then the estate is divided into shares, with the spouse receiving a minimum of one-third of the estate, and the remaining two-thirds divided among two or more children.   Without a robust estate plan, your survivors will need to go through the probate process, which can be time-consuming and expensive. It’s much better to have a clear estate plan in place, rather than assume your spouse will get everything smoothly and seamlessly.

4.) An estate plan is a once-and-done event.

Your estate plan should be a fluid document that changes with your life circumstances. This means that every time there is a birth, death, or divorce in your family, you may want/need to re-evaluate your current estate plan. You may also need to change your estate plan if your financial situation changes.  An estate planning attorney can help you make the necessary changes to your estate plan, so it stays current and relevant.

5.) It really doesn’t matter who I appoint as my Trustee or Personal Representative.

Your trustee or personal representative will be in charge of handling your estate once you pass away or become incapacitated. For this reason, you’ll want to make sure you choose someone who is competent and willing to take on this responsibility. Who among your close family members can you trust to handle your estate and honor your wishes? This is a question you should carefully consider before appointing a personal representative.

While many people don’t feel comfortable discussing incapacitation or death, having a solid estate plan can prevent disconnect in the family and make sure that your loved ones are provided for. An Estate Plan will appoint a power of attorney and create an advance directive that outlines end-of-life care. A comprehensive estate plan prevents your assets from being mishandled or going to the wrong people.

Our Team at Meyerson Law Firm have years of experience helping families protect assets and legacies through estate planning. To schedule your consultation with Attorney Seth Meyerson or Attorney Cynthia Welsh, call (678) 892-5910.