Do Not Get Frustrated When Creating Your Estate Plan

Posted by Camilo Espinosa on April 4, 2013

Even though there are some myths or general beliefs that may frustrate estate planners, these are not necessarily true and these myths can be actually harmful to your family and your estate plan. I will discuss in two different blogs five or six of the myths that may affect your life, your wealth, and your family, and how to avoid detrimental mistakes when planning for the future of your estate.

The first belief is that people generally think that estate planning is only for rich people. This is probably the single most common estate planning myth and it is simply not true. Estate planning is not only for rich people. The key issue is not whether you are rich or not but how you want to protect your wealth from unexpected situations. You may have fifty thousand or one million dollars. Whatever your wealth, you need to take action and protect it when unexpected situations occur.

The second belief is that only old people need estate plans, which of course is another myth. Just because you are young it does not mean that bad things cannot happen to you. Unexpected tragedies (such as lawsuits and accidents) can happen to anyone despite their age, financial status, gender, race or sexual orientation.

The third belief is that married people do not need estate plans. You may think you do not need an estate plan because under normal circumstances, any jointly held property will pass automatically to your surviving spouse. However, there are different situations that can affect your estate plan. For example, what happens if your surviving spouse gets re-married? What about the property you would specifically like to go to your children, or to your parents or siblings? And what if both you and your spouse die together?

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These are some of the reasons why even married people should consider drawing up a simple estate plan.

Protect yourself, your family, and your wealth from unexpected situations. Contact our team of South Florida estate attorneys at LOIGICA today for more information on any estate planning issue.

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