While most people can benefit from working with an estate planning lawyer, many fail to take that step due to misconceptions about estate planning and how an attorney can help. Estate planning is one of the most misunderstood areas of finance, but it doesn’t need to be with the help of an experienced estate planning attorney in Santa Barbara, CA.
Myth #1: A Will is Enough
While a will is important for making it clear how you want your assets distributed, it’s not enough to protect your loved ones. A will is limited, as it can only be used to pass on belongings that are in your name only. It also isn’t enough to make your health care wishes known, or appoint a proxy to make financial and health care decisions on your behalf.
Myth #2: Estate Planning Only Matters if You are Wealthy
The truth is, most adults can benefit from some type of estate planning. For example, if you have minor children, you should have a legal plan in place to provide for them and appoint guardians, for example. Estate plans can also be used to bypass probate to and ensure your loved ones have access to your estate and financial assistance sooner. It can even help to plan for what happens to pets.
Without a plan, you will not have any say in who gets your belongings or who handles the distribution.
Myth #3: Estate Planning Only Involves What Happens When I Die
An estate plan doesn’t just involve your assets after death; it can also be used to leave a legacy or ensure your wishes are followed if you are incapacitated. With planning, you can decide who will care for your children if something happens to you, who will manage your finances if you cannot, and who will make health care decisions if you are unable to do so.
Estate planning isn’t as complicated as you may think! While it may be uncomfortable, it’s an important way to protect the people you cherish in case something happens beyond your control. Business Name is one of California’s leading law firms with a practical approach to estate planning. Contact an estate planning attorney in Santa Barbara, CA today at BFASLaw.com.
