Misconceptions About Estate Planning

Estate planning should be done sooner rather than later, yet it is often delayed until it is too late. While many Estate Plans include a Will or details about who will care for the children, there is more to consider. Here are some misconceptions about Estate Planning and what you should keep in mind:

Estate Planning: A Will is Not the Only Tool You Need

A Will is essential to Estate Planning, but it isn’t the only tool you should consider. Relying solely on a Will can be problematic:

• Probate. A Will involves probate, which can be costly and time-consuming for your loved ones. Additionally, it becomes a part of the public record.
• Incapacity. A Will doesn’t protect you if you become seriously ill or incapacitated and need your loved ones to have the authority to care for and make decisions for you.
• Inheritance Management. A Will doesn’t provide detailed guidance or instructions to your loved ones on managing their inheritance, leaving them to figure it out during a difficult time.

Evaluate Your Estate Plan Regularly

Many people complete an Estate Plan and put it away to never think of it again. However, because relationships, assets, laws, and other circumstances change, meeting with an Estate Law attorney every 3-5 years is important to ensure your needs and wishes are still protected. As well as to ensure that your documents evolve with your growing assets or changing needs.

Getting Help When Circumstances Change

In addition to periodically reviewing your Estate Plan documents, including your Will, Trust documents, and Powers of Attorney, you should also review beneficiary designations and asset titles. This ensures every asset, including 401(k)s, IRAs, and life insurance, is correctly designated to the right individuals. Consulting with a legal expert is crucial, as a Will or Trust alone may not transfer assets as you expect, especially when circumstances have changed, such as divorce or the death of a beneficiary.

Without an Estate Plan, you never know who will petition the Court to take control of your assets while you are alive or your Estate after your passing. This person can be someone you know and trust or be someone you would never have chosen. Without a thorough Estate Plan, you may not have everything in place as you had hoped. Are you willing to take that chance?

Experienced Estate Law Attorneys in Lebanon, TN

Located in Lebanon, TN, Kane & Crowell, PLLC are experienced attorneys helping families with Estate Law & Planning. Our dedicated attorneys can help you develop a comprehensive and customized plan to meet your needs. With more than 20 years of personal and professional experience, we are here to help you create or update your Estate Plan. Contact us for a consultation today.