Probate And Estate Planning Myths Dispelled

8 November 2018
 Categories: , Blog

Share

Due to the unpleasantness of thinking about death, individuals will often fail to prepare for this reality. There are many legal issues that will arise when someone passes, and it is important to be prepared for these matters.

Myth: A Will Provides No Major Benefits

Preparing a will is one of the most basic steps that a person can take to prepare for death. However, individuals often assume that there are no benefits that will come with preparing one of these documents. If you pass away without a formal will, the laws of the state will take effect as to determining the way that any of your assets will be distributed.

Myth: Probate Proceedings Are Unnecessary

While it can be possible for individuals to minimize the need to go through the probate court system, it is often unavoidable. This is part of the process where the will, death certificate, and other information is finalized and reviewed. Due to the fact that the courts will oversee this process, it may take months or longer before the case has been finalized by the court. While it is possible to minimize the impact that going through probate will cause, individuals will have to actively plan for this.

Myth: A Probate Attorney Only Needs To Be Contacted When Someone Dies

It is often assumed that a probate attorney will only be needed once the probate process has been formally started. However, it is actually wise for a person to meet with these professionals to make their final arrangements. Whether this is in the form of a will, estate plan, or living trust, they will be able to help prepare for the inevitable passing so that the delays and legal complications from it are minimized.

Myth: Individuals Only Need To Update Their Wills When They Decide To Remove Someone From It

Popular media often depicts major fights or other disputes as being the main reason for individuals to update their wills. While it is important to promptly update your will once you decide that you no longer want someone to be in it, this is not the only instance where the will should be reviewed and updated. It is often advised for people to update their wills following any major life changes or events. Furthermore, you should take the time to read over your will on every year or two. This will help you to be sure that you have a thorough and accurate understanding about the contents of this legal document.

For more information, visit sites such as http://www.davis2.com/.