December 08, 2021
8 Common Myths About Estate Planning
Estate Planning is essential to anyone who owns something of value. Your estate includes your vehicles, property, personal assets, insurances, and rentals. Everyone who asks about estate planning also hears about many myths and misconceptions about it from people. These myths only cause estate planning to become a complicated process and take longer than it needs. If you are thinking of creating an estate plan, you should learn about every crucial knowledge related to it.
We debunk some of the most common myths about estate planning here-
Myth #1- I Don’t Own Any Valuable Treasure: Anything you own can be included in your estate plan and distributed to the heirs after your death.
Myth #2- My Spouse Will Inherit Everything After My Demise: Only the beneficiaries you mention in your estate plan and last testament get your assets in the manner specified by you.
Myth #3- The Oldest Child Receives Everything Automatically: You choose the heir while creating a will. You can determine who should be included and excluded from your estate after your demise.
Myth #4- Probate Takes Years to be Resolved: Probate only takes a few months while the court waits for beneficiaries to accept their claims. However, if the case is complicated or challenged, it may take longer.
Myth #5- If I Die Intestate, the Probate Court Will Take Away My Property: The probate court only uses your assets to pay off probate processing fees. The rest is distributed amongst your family according to the state’s intestate laws.
Myth #6- I Don’t Need to Touch My Will Once Written: Life keeps changing, and you should update your will with every significant change in your life.
Myth #7- I Can Think of Estate Plan When I’m Older: Accidents and diseases are unavoidable. Estate planning is not only about asset distribution, but you can also name someone as your caretaker in case of incompetency.
Myth #8- I Don’t Need Professional Help: Although estate planning seems easy, it can confuse inexperienced and professional help is advised for smooth working.
About Castle Wealth Group
Contact Castle Wealth Group for all your estate planning needs. We build a perfect strategy for your retirement, including income planning, investment planning, tax planning, health care planning, and legacy planning. Visit our website or call us at 844.885.4200 or email us for your financial advice.