Many people have mistaken ideas about estate planning. Sometimes these ideas keep them from taking the rational steps to protect their families and assets.
A story on washingtonblade.com lists several myths about estate planning.
They include:
- I don’t have an estate so there is nothing to plan. The truth is estate planning has to do with many things, including death, disability and divorce.
- We have to get married to protect ourselves. Marriage makes estate planning easier, but there are estate plans for unmarried couples too.
- We don’t need wills and powers of attorney if married. The truth is that marriage todes not automatically confer complete decision-making powers on either spouse. Power of attorney is essential if either becomes incapacitated.
- I must leave money to relatives. No, you do not have to.
These are just a few. The story lists several more.
If you have questions about estate planning, feel free to contact us for a consultation at (626) 696-3145.
