There are a zillion misconceptions about estate planning floating around kitchen tables, bank teller windows, and the Internet. Today, we’re emphasizing 11 things you might not know about estate planning to set the record straight. This is only the tip of the proverbial iceberg so be sure to seek the guidance of a qualified estate planning attorney who can guide you through the myths and misconceptions to estate planning facts like these.
- You will disinherit your children if you own your assets in joint names with a second spouse and you die first.
- Your assets won’t avoid probate unless you fund your revocable living trust.
- If you don’t name temporary and permanent guardians for your minor children, they could be placed into foster care.
- Your estate plan needs to be updated every one to three years; so do your beneficiary designations.
- If you own your house with your child, your house could be taken from you if your child goes bankrupt or is sued.
- Everyone needs a will to nominate guardians for minor children, appoint an executor, and give instruction for the distribution of assets.
- If you don’t have an estate plan, you have no control over how your affairs, medical, financial, and personal, will be handled should you become incapacitated and when you die.
- You need an estate plan because nobody gets off the planet alive.
- Estate planning and elder law attorneys can help you qualify for nursing home assistance from Medicaid.
- During probate your financial information and beneficiary names are published at the courthouse for all to see. You can avoid probate with good trust planning.
- By using trusts in your estate planning, you can protect your spouse’s and children’s inheritances from predators and creditors such as unscrupulous conmen, divorcing spouses, and car accident lawsuits. You can also protect these assets from bankruptcy, business failure, and medical crisis.
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