3 Common Estate Planning Myths: Disproven

3 Common Estate Planning Myths: Disproven

If you are someone who is considering planning your estate, though you have reservations about doing so due to one or more of the many estate planning myths that exist, our firm is here to disprove those myths and talk you through the process ahead. Please continue reading and speak with our knowledgeable Pennsylvania estate planning attorneys to learn more about estate planning myths and how we can help you past them.

Estate planning only involves passing down assets.

This is untrue. Though creating a will is one of the most important facets of anyone’s estate plan, wherein you will name beneficiaries for many of your assets, estate planning goes far beyond the transferring of assets; in any well-rounded estate plan, you will name guardianships, powers of attorney, trusts, and more. By creating a power of attorney, for example, you can put a trusted individual in charge of making critical healthcare decisions on your behalf, should you ever become incapacitated and unable to make those decisions on your own.

Estate planning costs tons of money. 

This is also untrue. Of course, there are attorney fees. However, the fee you pay your attorney is a small price to pay compared to what would happen in the long run without an estate plan. In fact, the entire purpose of creating an estate plan is to save you and your family money. If you pass away without an estate plan, your family will be left playing “catch-up,” and they themselves will have to hire attorneys to pick up the pieces.

I am too young to begin creating my estate plan.

Untrue. Nobody is too young to start their estate plan. While you may not have as many assets now as you will in your older age, you most likely have more than what you realize. Additionally, if you are a young father, for example, you can create guardianships in your estate plan. Essentially, a guardianship will establish who will take care of your child, should something happen to you or your spouse. Without creating a guardianship, the courts will make this decision on their own, and it is not always the right decision. The bottom line is that it is never too early to begin planning your estate, and our firm is here to help. If you have any additional questions, please do not hesitate to give our knowledgeable Pennsylvania estate planning attorneys a call today.

CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM

Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.

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