4 Estate Planning Myths
Estate Planning Attorney
- Estate planning is unnecessary, only a living will is needed. Many people believe that an estate plan and a living will are the same document, and therefore interchangeable. That assumption is false. A living will is one part of the estate plan, but there are many other components to an estate plan. Other documents included in the estate plan are a letter of intent, beneficiary designations, last will and testament, power of attorney, medical directives, a plan for your loved ones, a life insurance policy, retirement, and bank account information.
- Choosing an executor is no big deal, anyone can do the job. Selecting an executor of your estate that you trust is crucial to ensuring your wants and needs are carried out. An executor is the representative of the estate who will oversee your assets, as well as the distribution of those assets. Due to the immense responsibility this person will have, you should be wise with whom you choose to appoint to this position. Their duties will include: appraising your belongings, communicating with beneficiaries, and paying outstanding debts from the estate. Above all, you want to select someone whom you know and trust will follow your instructions. You want to protect your legacy. The person who executes your estate plan should share the same vision for your legacy, as well. Fortunately, the executor does not need to possess a legal background however Bozeman estate planning attorney is able to help if any problems arise.
- You can use a DIY Estate Plan on the internet. While an estate plan found online will be a cheaper option, it comes with a lot of risks. First, there is a risk that every asset of the estate will not be properly documented, and distributed. Second, there is a risk that the estate plan may not meet all the requirements of the law regarding asset distribution and taxes. Third, you risk your estate plan being contended and your heirs may lose out on what is rightfully theirs because of discrepancies within the plan. This is why an attorney from Silverman Law Office, PLLC is extremely beneficial to the estate planning process. They will help their clients maximize their assets, meticulously comb over any and all tax considerations and ensure that your loved ones are properly taken care of.
- An attorney is unnecessary in the estate planning process. Due to the immense responsibility of ensuring each document is represented within the estate plan, allowing an attorney to guide you through this process is in your best interest. There are many decisions needed to be made throughout estate planning. Not only does an attorney know what questions to ask, but they can offer solutions to problems that arise regarding the estate. Your attorney may also assist you in retrieving important documents needed for the estate plan like your life insurance policy, and retirement and bank account information.
Protect your legacy, and distribute your assets the way you want them to be distributed with the help of an estate planning attorney. Contact our office today!