Estate planning myths debunked

On Behalf of | Jun 11, 2015 | Estate Planning

For one reason or another, many people avoid any kind of estate planning. Some think it’s too difficult; others think it is not right for them. These beliefs often step from common myths that have surrounded estate planning for many years. It is important to understand who should have a will or trust, and when.

First, many people who avoid planning their estate do so because they are not overly wealthy. Often people are told by advisors that if their estate is not worth over $5 million, it’s not worth it. But when it comes down to it, anyone who wants to leave anything to their heirs should have some kind of will. Yes, Nevada will distribute an estate to immediate family, but anything outside of that becomes state property.

Next, drafting a will is not just for older people. If you have any property or anyone in your life you would like to leave anything to, a will is necessary.

Another myth out there is that you must go through a lawyer; on the flip side, some people believe you do not need one at all. Yes, there are free resources for drafting a will by yourself. But since you probably do not know all of the legal jargon within the document, you will want to make sure any kind of will is taken to an experienced attorney. This is especially true if there are complicated matters within the document.

Other myths about estate tax, probate issues and other technical matters would take up an entire post by themselves. If you are in need of a will, be sure to contact an expert attorney who can draft one for you so your assets go to the right people when you pass.