You have heard about estate planning, but you keep putting it off. Believing any of these estate planning myths could be the cause of your procrastination.
Myth #1: Estate planning is only for the wealthy.
Estate planning is for anyone who has assets and/or dependent children. Your estate is all of your assets, including your home, vehicles, cash, retirement accounts, business, annuities, life insurance policies, personal possessions, and bank accounts. Parents of minor or disabled children need an estate plan to establish a guardian and provide for their care. Without an estate plan, what happens to your assets and your minor or disabled children will be decided by the courts according to the intestacy laws of Utah. The court process can be time-consuming for your loved ones and can make private family matters part of the public record.
Myth #2: An estate plan does not benefit you during your lifetime.
A good estate plan includes two legal documents that state how your affairs are to be handled in the event you become incapacitated. Through a financial power of attorney, you authorize someone to manage your financial affairs during your incapacitation. The other document is a healthcare power of attorney. It names the person or persons who you’ve designated to make medical decisions for you while you’re unable to do so. Estate planning puts you in control of your future. Without a healthcare power of attorney, a court may select someone to make your healthcare decisions when you are not able to.
Myth #3: An estate plan is a do-it-yourself project.
Laws concerning estate planning can be complicated. An estate planning attorney listens to your unique situation and assists you in determining the goals for your estate plan. The professional also ensures that your estate plan has all of the documents necessary to accommodate your circumstances. An estate planning lawyer ensures that your documents are legally valid in Utah and error-free.
Our professionals at Bird & Fugal Attorneys at Law have more than 30 years of experience helping people with their estate planning needs. Please schedule an appointment if we can assist you in preparing for your future and that of your loved ones.