For most people in Jacksonville, estate planning is something they rarely think about or do. Many people have never started their estate plan or even considered what they would want in a plan. So it’s no surprise that there are a lot of misconceptions about estate planning out there.
Unfortunately, misinformation keeps a lot of people from taking the time to ensure their loved one’s financial security and protect themselves in case of a medical emergency. Here are the facts about three common myths people have about estate planning.
Estate planning is only for the wealthy
High-income individuals who own large, complex assets might indeed need a will, trust and other estate planning tools in place to pass on their legacies as smoothly as possible to their intended heirs and beneficiaries. But that applies to virtually everybody. As one financial advisor told CNBC, if there are people in your life whom you love, you need an estate plan. Even a modest inheritance could make all the difference for your spouse or children if you were to die unexpectedly. And having a will or trust can ensure those funds are distributed according to your wishes and with a minimum of delay in probate court.
Estate planning is too expensive
Working with an estate planning attorney will cost you something in fees. But the cost is usually reasonable. And having a lawyer who knows the intricacies of Florida estate planning law helps ensure that your plan is valid and will be accepted by the probate court judge when the time comes. It is an investment in yourself and your family’s long-term comfort.
Estate planning is too hard
Nobody likes to talk about death or even think about their own mortality. Estate planning is an acknowledgment that we won’t be around forever to take care of our loved ones. The emotional element aside, sorting through the laws and tools available to create a plan tailored to your particular wishes and requirements can be confusing.
Fortunately, you do not have to do estate planning by yourself. Your estate planning attorney knows how to tailor your plan by including what you need at this stage of your life — and what you don’t.