Common misconceptions in estate planning

Individuals need to understand how important it is for them to have the assistance of an attorney in creating a comprehensive estate plan.

Estate planning is an area of the law that many people find to be somewhat intimidating. They may have several questions about what they need to do, but they are uncomfortable thinking about leaving their families behind after they pass away. Some of these individuals may fail to properly plan for the future, which can make for a very difficult situation in the future. This article discusses some of the common issues that often arise in estate planning, and can provide some guidance on what individuals should do to ensure that their final wishes are carried out.

1. I have a will, do I need to do anything else to have a comprehensive estate plan? While creating a will is a great first step in estate planning, it is only a small part of the big picture. Some individuals may have assets that would be better protected by trusts, and it is essential that they have a discussion about all of the possible options available to pass along their property to family or friends. Additionally, it is extremely important that those who have created wills ensure that these documents are kept up to date. Changes in family situations, such as a divorce or remarriage, require that individuals update their estate planning documents to be reflective of their current situation.

2. There is no history of major health problems in my family, is a medical health directive really necessary? Yes – you need to create a medical health directive, because no one can predict the future. You may be injured in a motor vehicle accident, or, become slowly incapacitated over time by a medical condition. If you have these documents in place, it can prevent your family from having to make a difficult decision.

3. I just graduated from college and have recently started my first full-time job. Should I wait until I start a family before planning my estate? The sooner you begin estate planning, the better. While you may think it is too early to start planning, unplanned events can happen at any time. If you take time to create a comprehensive plan, you will be able to make changes in the future when you begin to add to your family.

If you have additional questions about estate planning, the experienced attorneys at Escobar & Associates Law Firm, Ltd., can help you draft all the documents you need to protect your family. They will take the time to review your specific situation, and put a plan in place that allows you to feel confident that your assets will be passed along according to your wishes.