Creating wills, other estate planning docs often misunderstood

On Behalf of | May 16, 2019 | Wills

Estate planning continues to be a greatly misunderstood process. Many individuals in New York and elsewhere decide to create financial plans but not estate plans for this very reason. Still, developing wills along with other estate planning documents is an important part of planning for the future, too. Here is a glimpse at some estate planning myths and why believing these myths is not a good idea.

For starters, a common myth related to estate planning is that this process is necessary only for the rich. In reality, any person who owns items such as homes, investments and cars could use an estate plan, as these items are all part of an estate. An estate plan is designed to protect these assets, no matter how many or few there are of them.

In addition, a common estate planning misconception is that this process is only about dividing the assets of a deceased person. The truth is, people can also use estate plans to outline how they would like to handle charitable giving when they pass away. In addition, they can explain what kind of medical care they would like to receive if they were to become incapacitated, and they can also name guardians for their children if they pass away while their children are still minors.

Creating wills and other estate planning documents is an important task, but it can also be a confusing one. Fortunately, an attorney can help people in New York to complete this important exercise with confidence. The attorney’s ultimate aim is to make sure that the client’s best interests and wishes will be protected in the years ahead through well-thought-out estate planning.