While estate planning may be on your “to-do” list, sometimes you never quite get to it. Estate planning can provide a sense of relief for you and your loved ones in the future. Ten times out of ten, you will benefit from having an estate plan in order. To help you get to your to-do list, our experienced estate planning attorneys are here to discuss three common myths that we have heard time and time again, so we can help educate and get you started on your estate plan today.
Myth 1. Waiting Until I am Older to Draw Up an Estate Plan is Better
You may feel like having grown children, entering retirement, and owning a home is the best time to create your estate plan, but that is not always the case. Anything can happen at any time. As a result, setting up your estate plan early and reviewing it annually can help you and your family members tremendously if something happens to you unexpectedly. Especially for new parents, nominating your child’s guardian will ensure that they are protected if something happens to you. Additionally, having a durable power of attorney for healthcare decisions can set forth your medical treatment in the event that you are not able to make those decisions. An estate plan is intended to evolve and grow with you and your family, so now is the best time to prepare yours.
Myth 2. Estate Planning is Only for Wealthy People
You may not have all the money in the world, but you do have assets. You will want to be sure that everything, including your house, cars, heirlooms, and more, is passed on as you wish. It is also important to review all of your assets, including those assets you sometimes do not even think about, such as savings accounts, business interests, and investments. Your best option is to sit down with our estate planning attorneys here at Handelin Law to get a good idea of how to distribute your assets and learn more about the entire estate planning process because it does much more than just distributing assets.
Myth 3. Once You Create an Estate Plan, There is No Going Back
Establishing your estate plan is a solid step in the right direction, but that does not mean you can never go back to make revisions. Over time, things can change like your asset base or family situation. These types of changes can potentially impact your estate plan. In some scenarios, such as a beneficiary of your estate plan passing, having another child, or buying a new home can, all call for revisions to your estate plan. At Handelin Law, we always check in on our clients to make sure they are getting the most out of their estate plan, and our attorneys are always happy to sit down with them to update their estate plan as needed.
Regardless of your situation, whether you are single, married, or divorced, have kids or none, own a home, or rent a home, you can benefit from an estate plan. Give Handelin Law a call today at 775.882.8032 to start building your estate plan or schedule a consultation with us by clicking here.