Estate Planning Misconceptions
Published on Wednesday, 01 June 2011 08:35 Written by Lawrence D. Brudy, Esquire
“I don't have the time or the money to invest in an estate plan"
If you don’t receive a quote, you don’t know. It is quite possible that an estate plan can save you time and money in the long run by avoiding administrative expenses such as probate fees, and by reducing the amount of taxes or long-term health care expenses you may have in the future. In planning an estate, most clients are pleasantly surprised by how quick the process can be, and then they enjoy a sense of security and relief that they have a plan in place.
“I only own a home and don’t have much cash so I don’t need an estate plan”
Any real property that is owned “in the name of” at the time of death will most likely go through probate, which can add time and costs to the administration of your estate. One of the simplest and most practical ways of avoiding probate for your real property is to transfer it to a trust. With a trust, you have control of how your estate will be distributed. Probate, on the other hand, is part of the public record and may require notice or distributions to individuals whom you prefer not receive them.
"I don't even own a home so an estate plan would be of no value to me"
It is true that if you don't own a home and only have assets below the probated amount, you might not need a trust. However, other issues may arise. For example: Whom do you want to inherit your assets? How can you afford the cost of any long-term health care that may be necessary? Who has legal authority to act on your behalf if you become incapacitated? Many times, people believe they don't have enough money to have to worry about estate planning. Such thinking can be a costly mistake affecting you as well as your loved ones.
Contact Jennifer L. Enciso, Esquire, at This e-mail address is being protected from spambots. You need JavaScript enabled to view it. for more information