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3 Common Myths About Estate Planning

There are a lot of misconceptions about estate planning. The word estate makes many people think of a mansion on many acres of land, but in the case of estate planning, the word estate only refers to the things that you own. Since almost everyone owns something, it is wise to consider doing estate planning. Unless you are a legal expert, you probably have questions on the best way to go about this process. Discussing your situation with an estate planning lawyer Bergen County, NJ residents trust can make sure your affairs are taken care of. Call Kaplan Law Practice, LLC today to set up a free and confidential consultation. We will always be realistic, honest, and transparent about your situation so that you can make the best decision for you and your loved ones. 

I am married so my spouse will just get everything. 

While it makes sense that your significant other would be the beneficiary of your assets, this isn’t always the case. If you don’t have a legal document such as an estate plan, also called a will, another person such as an extended family member or business partner, could contest your spouse’s rights to your assets. Then the decision will be left up to a court of law. You can avoid all of this hassle by writing down your wishes in a will. This way, even if someone does take your spouse to court, it is a lot less likely that they will win. 

I am young and don’t need to worry about this right now. 

The unexpected happens in life and it is good to be prepared. While we all hope we don’t die young, if we do, we want to make sure our loved ones aren’t left with a mess to deal with. Having an estate plan can make settling your affairs much simpler. Likewise, you can make medical decisions ahead of time so your loved ones don’t have to guess what you would want. In the event that you are left in an incapacitated state you can leave medical directives that tell medical professionals what you want. This takes the decision making out of your loved ones hands, who might not be able to make a rational decision on your behalf, and will save them the guilt of feeling like they made a choice you didn’t want. A Bergen County, NJ estate planning lawyer from a firm like Kaplan Law Practice, LLC can answer your questions about what medical directives might be right for you. 

I don’t have that much money so I don’t need to do estate planning. 

Even if you only have a few valuables, it is worth exploring whether estate planning can benefit your situation. You can divide up the valuables you own, even if they are just items you know are sentimental to a family member or friend. Making these decisions ahead of time can eliminate fighting that may have taken place otherwise. 

Contact a Bergen County, NJ estate planning lawyer at Kaplan Law Practice, LLC as soon as possible to learn how we can help develop the perfect estate plan for you.