Estate Planning Myths

233 views

Published on

Does estate planning intimidate you? It's not as scary as you think! Read this to find out why it's important and why you should get started right away!

Published in: Economy & Finance
0 Comments
4 Likes
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
233
On SlideShare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
2
Comments
0
Likes
4
Embeds 0
No embeds

No notes for slide

Estate Planning Myths

  1. 1. “IT’S JUST FOR THE RICH!” And Other Estate Planning Myths by Cook Martin Poulson, P.C. www.cookmartin.com
  2. 2. “It’s Just For The Rich!” The legal nature and complexity of estate planning lead majority of Americans to believe that estate planning is only for those who can afford it: the rich and the A-Listers. But, it’s important for everyone! Here are other misconceptions you need to ward off before they prevent you from making one of biggest and most important decisions of your life. MYTH #1 www.cookmartin.com
  3. 3. “Relax, I’m Too Young!” You will never know when you’ll need a sound estate plan, and by then, it’s going to be late. It’s necessary to take some measures, even if they’re in small increments. As an advanced directive, a health care power of attorney and living will can be of great help in case you’re attached to a life support device or in other end- of-life situations. MYTH #2 www.cookmartin.com
  4. 4. “If I Pass on Without a Will, the Government will Seize My Assets” This myth is highly damaging. In case you die without any will or supporting legal instruments, each state will apply a special rule called “Rule of intestacy”. If you don’t have a clear will, the state will determine who your assets should go to. MYTH #3 www.cookmartin.com
  5. 5. “Probate Is Costly” Probate is a legal instrument that serves as a first step in administering your estate for when the inevitable happens to you. Probates have a price that comes in the form of lawyer’s fees, filing fees, and other costs of miscellany. But sometimes, the price of the entire estate outweighs the price of a probate, so it’s always worth it to have it. MYTH #4 www.cookmartin.com
  6. 6. “I Need A Lawyer To Draft My Will” This is not applicable to all situations. If you think your estate is sizable enough, you can draft your documents and have them signed by legal experts. It may cost little to nothing at all. But it is still wise to get a lawyer to make sure what you’ve drafted is legally binding MYTH #5 www.cookmartin.com

×