When people think about estate planning, there are often many misconceptions that come along with it. This can include the idea that it is too expensive, too difficult to do, or simply not for them or their family. However, these are not the case and estate planning is an important part of life for everyone. Continue reading below to know the truth behind estate planning myths and contact a Michigan estate planning attorney for assistance during this time.
Myth: Estate Planning is Only for Money
There are many people who create an estate plan to protect their finances. While this is true, it is not the only reason to do so. Estate plans make life easier for your loved ones during a time of great loss. Instead of speculating what you would have wanted during this time, your values and wishes are outlined for them.
Myth: Estate Planning is Expensive and Lengthy
The only expenses for planning an estate are retaining the services of an attorney to help draft the documents you need. While this may seem like a deterrent for many, it actually helps to save both time and money in the long run. If you do not have an estate plan or there are mistakes within your plan from trying to do it on your own, it can put your estate at risk and beneficiaries may be stuck with spending more time and money to navigate the probate process.
Myth: Estate Planning is for the Rich
Estate planning is for every person and family, not just the wealthy. An estate refers to everything that belongs to you, such as a home, cars, bank accounts, and more. An estate plan provides instruction for what loved ones should do with these assets when they’re gone, as it ensures:
- 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
You do not have to wait until you are older to create an estate plan. It can be done at any age and it is encouraged to do so as early as possible. This is because, while no one wants to consider the idea of becoming incapacitated or disabled, it is always better to be prepared. An estate plan can include documents regarding what beneficiaries should do with assets, healthcare, financial obligations, etc. in the event of these situations.
Contact our Firm
Sometimes, divorce, family, and estate matters are difficult to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable attorney who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce, family or estate-related matter, please do not hesitate to contact Collis & Griffor today to schedule a consultation.