There are many misconceptions that surround the idea of estate planning. Many people believe it is too hard, expensive, or their family would not benefit from it. However, it is important to know that everyone should have a comprehensive estate plan. Continue reading below to know the truth behind common estate planning myths and contact an Alabama estate planning attorney for guidance in preparing your estate.
Myth: Estate Planning is Only for Money
A common driving factor for creating an estate plan is often finances. However, this is not the only reason. Having an estate plan can alleviate the concerns of your loved ones during a time of great loss in their lives. This is because it outlines your values and wishes so they can follow accordingly and protect their family when you are no longer to do so yourself.
Myth: Estate Planning is Expensive and Lengthy
The only related expenses when estate planning comes with retaining an attorney for assistance in drafting the documents you need. It is important to know that this can save time and money in the long run. This is because, if you do not have an estate plan or there are mistakes in one you made yourself, it can result in problems later on that cost your beneficiaries time and expenses.
Myth: Estate Planning is for the Rich
Estate planning is not only for the wealthy, but any family. An estate refers to everything a family owns, such as a home, car, bank accounts, etc. An estate plan provides your loved ones with instruction for how to handle these assets. This can ensure:
- Finances are managed in the event of incapacitation
- Healthcare decisions will be carried out as intended
- Children and other heirs will be cared for
Myth: Estate Planning is Not Urgent
An estate plan can be made at any age. It is understandable that no one wants to consider the idea that something bad can happen to them at a young age. However, it is always better to be prepared than not. An estate plan can include documents regarding what beneficiaries need to do with your assets, healthcare, financial obligations, etc. in the event that you become incapacitated or disabled.
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Stone Crosby, P.C. has proudly served clients in Alabama for over 100 years. Our firm has experience handling matters including divorce and family law, estate planning and administration, business law, employment law, class actions, consumer protection, business law, real estate law, among many others. If you require quality legal representation, contact our firmtoday to schedule a consultation.