The concept of estate planning is sometimes misunderstood by many. Our experienced estate planning attorneys have heard many misconceptions over the years. That’s why we have come up with 4 of the most common Estate Planning excuses and myths to debunk so you don’t make a costly mistake.
Myth 1: It’s too early to plan for the future.
Protection is the essence of estate planning. Regardless of age, it is always crucial to be one step ahead regarding your assets. This way, even if something unfortunate happens, your assets will be secured and transferred to the hands of your authorized beneficiaries.
Myth 2: Estate planning is exclusively reserved for the privileged.
Many people assume that estate planning is only for wealthy individuals, but this isn’t true. If you have assets or income, you’re an estate holder. Estate doesn’t mean that you are fabulously privileged and have large enterprises and companies. Thus, taking care of your properties, business, and finances is crucial for all individuals.
Consulting your estate planning attorney in Texas ensures that a worthy beneficiary, relative, or chosen charity will receive your assets. So, remember to prepare everything before the unexpected happens.
Myth 3: Consulting a legal professional is unnecessary.
It’s possible to draft a will on your own without an estate planning lawyer, but it’s not always a safe choice. Without legal guidance, you have no way of knowing if your will meets the requirements of Texas law or if your plan accounts for all of your needs. If you have drafted your own plan, it is a good idea to ask an estate planning attorney to review it. With the help of a knowledgeable estate planning attorney, you can rest assured that your estate plan is comprehensive and error-free.
Myth 4: Estate planning procedures are complicated and expensive.
Legal advisers provide insights and options you can use in every step of your estate planning. They can guide you through personal consultation appointments or through email. This makes the processing of your asset distribution easier and less complicated.
While it can be costly for those with extensive and complex estates to develop an estate plan, estate planning isn’t always expensive. Keep in mind that failing to create a strong estate plan can be much more costly over time than any expenses related to establishing a plan.
Contact Our Legal Professionals in TX
Craig, Terrill, Hamm, Grossman & Erwin, LLP is known for being a trusted estate planning attorneys in Lubbock, TX. We ensure that an individual’s assets are well-distributed and guided with a thorough understanding between the client and their beneficiaries. Call us today, and let’s discuss your estate plans and other legal concerns.