When you take the appropriate setups for after your unfortunate passing, you guarantee your loved ones are shielded from any situations. Unfortunately, there's a great deal of misinformation regarding estate planning. It’s easy to find a template online to help with your estate planning, though a great deal of the time they are not legally binding. It’s safe to say that there are a great number of myths about estate planning. So, it's best to call Carmel estate planning attorney, Homan and Zentz P.C., a call to assist you in drafting your estate plan at 317-941-6996.
What is Estate Planning?
Estate planning is the process that includes anticipating and arranging, for the management and disposal of an estate during the person's life and at and after death. The goal of the estate planning process is to:
- Minimize gift tax
- Minimize estate tax
- Provide for generation skipping transfer
- Minimize income tax
With those factors taken into consideration, an estate planning lawyer can help you in drafting a solid and thorough estate plan.
Estate Planning Myth #1
An Attorney Isn’t Needed
A common myth about estate planning is that a lawyer need not be consulted. While it's feasible to produce an estate plan without some sort of legal assistance, at a minimum you should consider consulting with an estate planning lawyer when you're finished. An estate attorney provides validation that your plans are followed to your wishes. They will also assess your financial situation and family dynamics to guarantee you appropriately covered even the smallest of details.
Estate Planning Myth #2
Courts Are Required to Honor Your Will
There are scenarios in which the court or those you leave are not required to recognize the regards to the will. In Indiana, for example, making it through liked ones may dispute a will if they think it was developed under duress or the deceased wasn't of sound mind at the time of signing. Additionally, in the state of Indiana, you aren’t permitted to disinherit your spouse or leave them “out of your will”. This means regardless of the terms of your stated in your will, your spouse can be entitled to a portion of your probate estate.
In other words, no matter what your will says, your partner is entitled to a part of the estate. Anything else, is just a myth.
Estate Planning Myth #3
You’re Too Young for a Will
Anything can happen at any time in life. Even then, there is a common myth that drafting a will can wait. Which is why it's best to draft a will as soon as possible. Even if plan to take your time in dying, having an estate plan in place provides for an extra level of peace of mind. Keep in mind, however, re-evaluate your will occasionally so that you can upgrade or make any changes or adaptations that are necessary with whatever life changes you may have.
Myths About Estate Planning Are Just Myths. Seriously.
As with anything that requires the expertise of a professional, there are many more myths that exist concerning making an estate plan. It’s best to consult an estate planning professional with help in crafting your legacy’s plan. Give us a call at 317-941-6996 for help in drafting your estate plan today.