Dispelling Estate Planning Myths
Oct. 7, 2022
With so many people sharing personal stories and news articles online, it can be difficult to know what’s a myth and what’s the truth. Rumors can cause real distress, so it is crucial to find out the truth before you act. Before you make any major decisions about a matter as serious as your estate, it is vital to speak with a trustworthy advisor.
The Redding Law Office is dedicated to helping families understand the truth about their legal options for estate planning. Attorney Chelsea Redding built her own practice so that she could use her experience from working in a big firm to better her clients’ lives. She is committed to helping her clients protect their finances and their futures. The Redding Law Office proudly represents clients in Southlake, Texas, Tarrant County, Denton County, as well as the nearby cities of Flower Mound, Keller, and Colleyville.
Common Estate Planning Myths
Establishing an estate plan is critically important for protecting your family’s financial situation. Know the common misconceptions about estate planning and find out the truth before you make important decisions or before it’s too late.
You Won’t Need an Estate Plan Until You Retire
An estate plan is an essential legal tool that you should not wait to establish. It’s also important to have no matter how much you have in assets.
Life is unpredictable, and it’s possible that you may experience certain life events before you retire. For example, you may suffer from a medical emergency that leaves you unable to express your wishes regarding your care. In your estate plan, you can include an advance healthcare directive that will express your wishes for you.
In the worst-case scenario, a parent may pass away unexpectedly, and there will have to be an estate plan in place to dictate the minor child's future. It is important to have an estate plan before you retire, and no matter how much you have in assets, to make your wishes for your children’s care legally enforceable.
If I Don’t Have a Will, Then My Family Gets to Decide Who Gets What
In legal terms, passing away without a will in place is known as dying intestate. If you die intestate, the government, not your family, who will get to decide how your estate is distributed.
Establish an estate plan to be certain that your wishes are carried out and that your family will receive what you want them to inherit. Your estate will still go through probate, but with an estate plan, the probate process is typically quicker and less complicated.
A Will Is the Only Thing I Need In My Estate Plan
While your will is the key document in your estate plan, you must have other legally-enforceable documents as well. Depending on your assets, you may need to establish a trust. Trusts can be beneficial for tax reasons and if you have minor children or children with special needs that you want to provide for.
Consider including an advance healthcare directive that spells out your wishes regarding your care in medical emergencies. While a will is important, it is not the only document necessary to include in your estate plan.
I Already Created an Estate Plan Years Ago, so There Is Nothing Left to Do
While it is helpful that you’ve already created an estate plan, it is advised to revisit the document and make necessary changes that reflect your life circumstances.
If any of your grandchildren were born after you created your estate plan, and you want to make sure they are included in your will, you must update the document. Or if there were any divorces or remarriages in your family, then it is critical that you update your estate plan to reflect those life changes.
Using an Online Form Is Just as Effective as Hiring an Attorney
Although the internet can be convenient, it is typically not effective for establishing an estate plan. Online forms are often general templates and are not legally enforceable in all states. They cannot replace the guidance of an attorney who will listen to your concerns and advise you throughout the process.
Experienced Guidance Every Step of the Way
Establishing your estate plan allows you to be in control of your legacy. With the help of an experienced estate planning attorney, you can be confident that your wishes will be respected.
By working with Attorney Chelsea Redding, you can have that confidence. She is passionate about doing what is best for her clients’ families and their financial futures. She will make sure you understand the difference between estate planning myths and the truth, and she will help you craft a document that leaves a legacy you can be proud of.
The Redding Law Office proudly serves families in Southlake, Texas, Tarrant County, Denton County, as well as the nearby cities of Flower Mound, Keller, and Colleyville. Contact the firm today to schedule a consultation.