Estate Planning Misconceptions – Mistakes that Cost – Part 1

MISCONCEPTION #1: Planning can wait/I’m too young (procrastination). And just who is going to take care of you if you can’t and make your decisions? When you turn 18 years old, you are considered an adult and are responsible for your own decisions for healthcare and finances.  No matter how much you have, planning is necessary to plan for the unknowns of tomorrow.  Who is looking out for you if you can’t regardless of your age?  You need to have a Durable Power of Attorney, Power of Attorney for Healthcare, a Medical Information Release, and a Living Will written up.

MISCONCEPTION #2: I don’t have an estate.  Absolutely wrong.  An estate in law is defined as the stuff you own, not a big house with a manicured lawn.  You should take steps to protect what you have and make sure it gets distributed to your family the way you want.  For your stuff to go to who you want, when you want, and how you want you need a legally binding plan made to do just that.

MISCONCEPTION #3: I don’t have anything to protect. Do you make your own decisions?  Your personal decisions about legal matters, finances, and healthcare are worth protecting.  To protect those decisions, you need to have a Durable Power of Attorney, Power of Attorney for Healthcare, a Medical Information Release, and a Living Will written up.  Furthermore, those documents will make sure somebody you know and trust is watching out for you when the time comes.

MISCONCEPTION #4: Wills stop Probate.  Halt!  Wrong!  Wills are the instrument of Probate.  Probate is required to validate the Will and follow its instructions.  If you want your family to avoid the time, cost, and hassle of Probate court, you need to have other plans in place like a Revocable Living Trust.

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from DeWitt Law Firm, PLLC