Most people will encounter the estate planning process at some point in our lives. However, few people actually understand, in detail, what the process entails. For this reason, estate planning myths have become ubiquitous.
Here are three such myths and why they are wrong:
Estate planning is only for the elderly
Estate planning isn’t just for septuagenarians. Unfortunately, no one knows how long they have left. Getting your affairs in order is like an insurance policy; it protects us from unexpected, and unpleasant, events that may arise in the future.
Estate planning is only for the rich
Estate planning doesn’t necessitate having a certain number of zeroes in your bank account. We all have assets we want to protect, even if we aren’t millionaires. Having an estate plan ensures the wealth we’ve worked so hard to build ends up in the right hands.
I just need will
Wills can be valuable, but they’re just one among money useful estate planning tools. By limiting yourself to a will, you eliminate other options that might better suit your situation, such as a trust.
The truth is most people don’t know the best way to organize their estate prior to meeting with an experienced trusts and estates lawyer.
A lawyer can craft a bespoke strategy around your unique objectives, ensuring your interests, and those of your heirs, are protected.
New York City residents shouldn’t hesitate to reach out. If cost is a concern, many lawyers offer a free initial consultation at no out-of-pocket cost to the client.