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Friday, November 20, 2020

Common Estate Planning Myths

There is a lot of misinformation out there about estate planning. Unfortunately, this confusion leads many people to skip the estate planning process altogether—this is a big mistake. Everyone needs an estate plan. In order to help clear up some of this confusion, below we discuss some common estate planning myths. For additional information on beginning the estate planning process in Michigan, please contact a Michigan estate planning attorney for assistance.

Myth 1: Estate planning is just for the rich

Many people think that estate planning is only for the wealthy. This couldn’t be further from the truth. If you own any property or have any assets at all—you need an estate plan. If you have a car, a home, investments, a bank account, or any other property—you have an estate. And if you have a family that you want to ensure are cared for after you’re gone, you can’t afford to go without an estate plan.

Myth 2: Assets must be divided equally

For some reason, people often think that assets must be divided equally, particularly amongst children. Although you may want to give each of your children an equal inheritance, there is no law that says you must do so. Depending on the circumstances, it may make sense to give some children more than others.

Myth 3: Assets must go to children

While many people create estate plans for the specific purpose of caring for their children, you aren’t required to leave anything to your children. Many people choose extended family members, parents, charitable organizations, and even pets as their beneficiaries. You get to decide who will receive your assets.

Myth 4: A trust is all you need

A trust is a great estate planning tool. However, not all trusts are the same, and not everyone needs a trust. For many people, a last will and testament is a better choice than a trust. In order to determine whether you would benefit from including a trust in your estate plan, you should consult with a Michigan estate planning attorney.

Myth 5: The main benefit of an estate plan is tax savings

While the reduction of taxes is certainly a benefit of estate planning, it is far from the main benefit. As noted above, estate plans offer many benefits, including the ability to provide for your family after you’re gone. When you execute a valid estate plan with the assistance of a Michigan estate planning attorney, you can rest assured that your assets will be distributed according to your wishes and that your beneficiaries will be cared for after you’re gone.

Contact a Michigan estate planning attorney

If you are ready to begin the estate planning process, you should contact an experienced Michigan estate planning attorney as soon as possible. At Keating Law PLC, our experienced Michigan estate planning attorney will assist you with all aspects of the estate planning process. If you’re ready to begin planning for your and your family’s future, please contact us today for a free consultation.

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