Estate planning is one of the most misunderstood areas of finance and law. There are many myths and misconceptions surrounding estate planning, which have caused many people to either do it incorrectly, or fail to do it at all. This can cause a lot of problems for you in many situations in life, and even cause more difficulties for your loved ones when you pass away. Debunking some of the most common myths and misconceptions about estate planning can help you to begin making the right decisions for the future.
Young People Don’t Need an Estate Plan
Many people believe that estate planning is only necessary for those who are retired, or are approaching retirement. While it is certainly a good idea to review and adjust your estate plan as you get older, the process should really begin shortly after you get your first real job. The earlier you begin the estate planning process, the more options you will have available to you. Having an estate plan in place from a young age will also ensure everything is handled according to your wishes should some sort of tragedy occur.
Estate Planning is Only for the Wealthy
Almost as common as the myth about estate planning only being for the elderly is that it is only for the wealthy. While those with a lot of assets will have a need for more advanced estate planning, even those with very modest estates can get a lot of benefit out of at least some basic estate planning efforts. Taking steps to plan your estate when you don’t have a lot of wealth also helps to establish good habits for the future.
I Can Leave Firearms to Loved Ones Just Like Other Assets
Those with firearms often think that they can just leave them to loved ones just like any other possessions. The fact is, however, that leaving guns directly to loved ones can present some legal issues that could cause trouble for them. Using a firearms trust as part of your estate planning can make it so you can legally leave your firearms to one or more people after your death, without worry of complex legal issues.
A Will is Enough Estate Planning for Me
While a will is an excellent starting point, it really isn’t a full estate plan. Most people can benefit from additional planning such as trusts, medical directives, and more. These are often simple things that you can have on top of a will that will provide you and/or your loved ones with some very significant advantages.
Probate Court is Only for Resolving Conflict Over a Will
If you would like to help your loved ones avoid probate court after you have passed away, you will need to take some proactive action now. A will actually does nothing to avoid probate court, and having no will is also going to require this court process. Proper estate planning can help minimize or even eliminate how much of an estate has to go through this arduous process, and you get the peace of mind of knowing that you are in full control of the distribution of your assets.
We are Here to Help
If you would like to learn more about the advantages of estate planning, or you would like to begin the process, please contact Michigan Gun Law today. We would be honored to go over all your options and help you throughout the estate planning process.