Taking charge of your life and your future involves taking in new knowledge and understanding of how to accomplish this. Small changes in the right direction will lead you towards the security you seek in preserving your assets and ensuring your wishes are respected after death. Many Florida residents know they need to start the estate planning process, but don’t know where to begin or what is relevant for their needs.
Seeking quality legal counsel is the best way to start the process to secure your assets. In addition, there are many beliefs that are simply not true when it comes to getting your affairs in order. When you fall for one of the following myths, your personal progress towards long-term security may suffer as a result.
Here are some common estate planning myths:
Estate planning is only for the wealthy – The truth is, estate planning is for everyone regardless of their amount of wealth and assets. When you have a plan for where your money will go after you die, you are protecting what you’ve worked hard for regardless of the size of estate or income.
Young people don’t need one – Just like the previous myth, this is a common myth that people have when it comes to setting up a plan for their estate after death. The truth is, no one knows when they are going to leave this earth and their possessions behind. Untimely deaths happen all the time and protecting your assets is always a worthy endeavor at any age.
Lawyers are optional - Trying to do it yourself exhausts your time and resources. If you think you don’t need a lawyer, you are likely to encounter more problems and obstacles to your overall goal. Legal advice and mentorship throughout the process is necessary for creating and fine-tuning a personalized estate plan.
Peace of mind is everything, especially when you have loved ones and a family you want to pass an inheritance to afterwards. It all starts with getting quality advice and guidance for gathering and deciding what your investments and assets go after you pass.