Our Estate Planning Lawyer McAllen agrees, we have more access than ever. We can connect with loved ones in just a few seconds, share some of our most meaningful moments with others, and access information about any topic imaginable. Unfortunately, this also means accidentally gaining access to misinformation – and when it comes to the estate planning process, misinformation is prevalent.
At Fryer and Hansen, we want you to make intelligent and informed decisions during your estate planning process. It’s why our estate planning lawyers in McAllen want to debunk some joint estate planning myths to help you navigate this critical endeavor with clarity and confidence.
Myth #1 Estate Planning is for the Wealthy
You may have heard the estate planning process is reserved for the rich – that there is no place in estate planning for anyone 5who isn’t a millionaire. This is, without a doubt, a myth. The estate planning process is for those who want to protect their assets and ensure their wishes are fulfilled after passing. Regardless of the size of your estate, having a plan in place can help avoid disputes among family members, minimize taxes, and streamline the distribution of assets.
Myth #2 It is for People Who Have Retired
Similarly, you’ll often hear people say estate planning should be done once you reach an advanced age. However, this couldn’t be farther from the truth. In reality, accidents and unexpected illnesses can happen at any age. This means it’s essential that you have a plan in place to protect your assets and your loved ones. Plus, starting early, you can adjust your estate plan as you traverse life.
Myth #3 A Will Is All You Need
While it’s true that a will is essential in estate planning, it’s not the only document you need. Trusts, powers of attorney, healthcare directives, and many others are pivotal in ensuring your wishes are carried out exactly as you see fit.
Myth #4 Estate Planning Lawyer McAllen Involves Only Assets
False. Assets are an undeniable part of estate planning, but it’s important to remember there are other crucial parts to the process. For instance, choosing who will make financial and healthcare decisions on your behalf if you become incapacitated or appointing guardians for minor children.
Myth #5 An Estate Plan is Written Once
Just because you complete your estate planning process doesn’t mean you can’t revisit it. Plenty of circumstances may require you to make changes—for instance, marriage, divorce, births, deaths, changes in financial status, and more. If a change comes your way, you must review and update your estate plan accordingly.
Get Started with our Estate Planning Lawyer McAllen
An estate plan can secure your family’s future once you’re no longer here for them. Create yours the right way with Fryer and Hansen. Our McAllen estate planning lawyers are here to listen to your wishes and guide you with comprehensive professionalism and support as you create the estate plan that best fits your needs. Contact us today to learn more about what we can do for you.