People are so caught up in the business of living that very few give a thought to estate planning. That’s very unfortunate since dying without having an estate plan could leave loved ones with a lot of problems. Texas residents don’t need to view estate planning as intimidating. Here are the top commonly-accepted estate planning myths to be aware of.
Professionals say there are some common falsehoods when it comes to estate planning. It might be helpful to know what those are to make a more informed decision:
- Only wealthy people or those with many assets need to have an estate plan. Estate planning is about much more than finances. A comprehensive estate plan chronicles what should happen if the testator is unable to care for himself or herself and is unable to manage finances.
- Only older individuals need to have an estate plan. The fact is, every adult needs at least a will. It’s always wise to be prepared for life’s unforeseen events.
- The state takes the assets of anyone who dies without a will. Every state has intestacy laws to determine who will inherit what.
- Probate doesn’t apply if there is a will. That depends whether or not the testator owns real estate in more than one state. These properties might have to go through probate in the states in which they’re located.
These are just a few of the myths regarding estate planning. Additional information regarding estate planning can come from a Texas lawyer experienced in estate planning law. Having an understanding about is and isn’t true about estate planning may make developing a comprehensive estate plan much easier.