Three Estate Planning Myths: I Don't Have an Estate, I Don't Need a Plan, and Planning Is Too Expensive
We love providing our clients with clear and accurate information to guide their Estate Planning decisions. Along the way, we get to see lots of misconceptions about Estate Planning. Here are some of the common ones:
I Don’t Have An “Estate”
Many people read the word “estate” and imagine a countryside villa, perhaps with orchards and stables. They imagine they are not wealthy enough for Estate Planning. But if you have any real estate, you will benefit from Estate Planning. If you have children, you (and they) will benefit from Estate Planning. Estate Planning is not reserved for the upper crust.
I Don’t Need "An Estate Plan"
Creating a simple will is not terrifically difficult, so if you’ve already taken that step, it might be hard to see the value of an Estate Plan. But a will alone is not enough to avoid the pain of probate (an expensive court proceeding that draws out an already painful time). And really, a complete Estate Plan offers more than just a list of who gets what. The Trust part of an Estate Plan not only avoids probate, but also offers control of your legacy. You can be sure your children don’t inherit everything at once before they are ready. The Estate Plan also prepares for your incapacity, allowing important health care and financial decisions to be made they way you would want by the people you designate. A full Estate Plan is an array of documents that offers complete peace of mind in a variety of areas.
Estate Planning Is Too Expensive
Proper Estate Planning saves money, by avoiding costly probate fees. Probate fees increase with the size of the Estate, and there are likewise a range of Estate Planning options. It’s important to find an attorney that’s right for you. Estate Planning can be expensive if you go with a giant, face-less firm. Instead you should look for a smaller, agile firm that can work to your schedule and offers reasonable flat fees.
Look around, find an attorney you can sit down with face-to-face, and see if there’s a good fit.
"Marina provided outstanding service and was available to answer all of my questions and concerns in a timely manner. I particularly appreciated how clear and personable Marina was with my case. The final product was of excellent quality and exactly what we had discussed. I would recommend her to anyone with trust related questions or concerns."
- Bernard R., as posted on LinkedIn on April 11, 2012