Golden Myths of Estate Planning

Do You Believe That Estate Planning Only Applies to End of Life Events?

Nothing Could Be Further from The Truth.

Myth #1: Estate Planning is Only for End of Life Events

Nothing could be further from the truth!

Estate planning covers any unforeseen incidents during your lifetime as well as preparing.

The combination of a Durable Power of Attorney; Power of Attorney for Healthcare; and Living Revocable Trust makes sure your assets are there and working for you in case you are incapacitated (car wreck) for any length of time.

Myth #2: My Spouse Can Take Care of My Affairs (Financial, Legal, and Healthcare)

Not legally.  If you don’t have a Durable Power of Attorney, your spouse may end up in court seeking a guardianship.  Guardianships cost many times what a Durable Power of Attorney costs.

Guardianships are limited in power and require return trips to Court for many things.

Myth #3:  My Children Can Take Care of My Affairs

Not legally.  If you don’t have a Durable Power of Attorney, your children may end up in court seeking a guardianship.  Guardianships cost many times what a Durable Power of Attorney costs.

And, your children may end up fighting over who should be your guardian, adding to the time and cost.

Myth #4:  A Will Helps You When You Become Physically or Mentally Incapacitated

No.  A Will is totally ineffective until passing, and, therefore, does nothing to help you through incapacity and disability.  Your family or friends may have to go to Court to start costly guardianship or conservatorship proceedings.

Myth #5:  A Will is Enough

A Will is not enough.  A Will does nothing for you during your lifetime.  A Will is basically a letter to the court and your heirs detailing how to divide up your property.

Next Steps

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Call (479)717-6300 Today For Your FREE Initial No Obligation Planning Session.

 

Providing Services Including

Wills ♦ Trusts ♦ Financial, Legal, and Healthcare Powers of Attorney

♦ Revocable Living Trusts

♦ Probate Avoidance ♦ Healthcare Powers of Attorney

♦ Probate and Estate Administration

♦ Special Needs Planning ♦ Special Needs Trusts

♦ Medicaid Planning and Applications ♦ Long Term Care Planning and Selection

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from DeWitt Law Firm, PLLC