Understand the facts concerning estate planning and do not pay heed to the myths surrounding it. It will give more clarity when it comes to passing your assets to your loved ones.
Estate planning is something that many people know about or show interest in, to be candid. It is essential for the protection of your family and children. A solid plan will ensure that your loved ones have what they require to survive when you are no longer there to protect them. Michael E Weintraub Esq is aware of the common myths surrounding estate planning that leave people confused. If you fall prey to these misconceptions, you end up leaving your heirs in a mess when you are no more.
Therefore, you need to separate fact from fiction and have a proper plan to protect your loved ones. Here are common myths surrounding estate planning:
Michael E Weintraub Esq busts the myth about age and estate planning
People who know about estate planning often think that they are too young to mull over a serious thing such as estate planning. The harsh reality is that all our lives can change in a moment for the worse. Let us not expect the bad, but you need to stay prepared for the unforeseen situations in life. Therefore, if you think that you are too young to think of estate planning, you are extremely mistaken.
It does not matter how old you are or how much wealth you have amassed. What matters is putting a plan in execution quickly so that you can ensure a secure future for your family and children.
Estate planning is only for the affluent
It is one of the greatest misconceptions surrounding estate planning. Michael E Weintraub Esq has explained repeatedly to people that it has nothing to do with how rich or wealthy you are. You are in a job or business, working hard to make money, and saving over the years. Therefore, you need to provide for your loved ones even if you are not super-rich.
It does not matter if you do not have a huge bank balance or how many homes you own. Even if you do not have stock investments, you are eligible for estate planning. What you need to think about is ensuring whatever wealth you have goes to your heirs, loved ones. That is what matters and not how rich you are.
All assets to go to your spouse as you are married
It is true indeed that when you are married, it makes the division of assets simpler. Then, many things can change even if you have entered into matrimony. Have you considered what will happen if your spouse asks for a divorce and remarries, or if you pass away, and you have other dependents besides your spouse?
You may like to pass some of your assets to your kids and for that matter, a sibling you have. These scenarios are common in many families and therefore, you need to factor in these aspects as well, even if you are married.
Conclusion
Understand the facts concerning estate planning and do not pay heed to the myths surrounding it. It will give more clarity when it comes to passing your assets to your loved ones.
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