3 Common Myths About Estate Planning Demystified

3 Common Myths About Estate Planning Demystified

Elderly couple having an estate planning consultationWhen someone passes on or becomes physically or mentally incapacitated, a relative or a loved one is usually expected to manage and inherit the individual's property. But until an estate plan has been written, your assets may not benefit the intended beneficiaries.

Most people would rather discuss something else than an estate plan. This avoidance has resulted in many lies being peddled about estates.

Here are some of them.

1. The state gets everything if you die without an estate plan

The state can only provide laws that dictate who gets their hands on your assets when you die. However, it’s not entitled to any of your property as far as Townsville family law and any other state law is concerned. Your spouse and kids should be the first in line, your parents and siblings second. However, an estate plan is still necessary since it doesn’t just help assign assets to the right people but also determines who takes care of your family when you are not there. Best consult an experienced family lawyer if you're clueless about how to proceed.

2. The probate process takes long

Sometimes there's conflict among family members and relatives over property division. In addition, the creditors might take too long before they file their claims against assets of the diseased. These are some of the issues that would prolong the probate process. Otherwise, it shouldn’t take more than a year before it’s administered and closed.

3. The surviving spouse is not entitled to anything

In a marriage, there are independently earned assets and marital assets. For independently earned assets, you can freely make arrangements and assign them all to kids or any other party of your choice. But the surviving party in any marriage is legally entitled to a section of marital assets, whether there is a will in place on the same or not.

There is always something that you own to your name. And, since the last thing you will want is to leave your loved ones suffering, it’s essential that you write a will that clearly states specific individuals and the fraction to which they are entitled.

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