Myths surrounding estate planning can cause unnecessary delays, create family rifts and final wishes not being adhered to, specialist Elder Law Attorney Denis Toman revealed this week. —
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The founder of The Elderlaw Firm in Greensboro, NC, highlighted several misconceptions surrounding estate planning. These include that estate planning is only for the wealthy, and retirement accounts and insurance policies are not included in wealth portfolios.
By nailing these myths, Toman hopes people will take estate planning more seriously. The goal is to ensure their assets are protected when they pass away or become incapacitated and their wishes are carried out.
He said: "Estate planning is for everyone irrespective of how much money they have in the bank. Unfortunately, many put estate planning on the back burner as they either believe it doesn't affect them, it's too early to consider, or they don't want to contemplate what happens when they die."
Toman emphasized: "Both life insurance and retirement accounts, such as 401ks and IRAs, which are a vital part of a person's wealth portfolio, need to be incorporated in any estate plan."
Once someone has passed away, their assets will be handed to their beneficiaries. There are specific rules regarding beneficiaries and need to be navigated, but failure to do so can have regrettable consequences.
He said that estate planning could also be held hostage to fortune and family, and muddling through DIY-based plans could leave someone worse off. "Where family and money are intertwined, it can become problematic as there's a misguided belief that trusted loved ones will make the correct decisions about an estate," Toman said.
"Estate planning has legal structures in place to safeguard a person's assets and assigned beneficiaries. Without these, their wishes may not be met."
He advised that "estate planning is not something to do on your own as many assume the process assigns an executor to oversee a will and a trustee to manage a trust."
The attorney concluded: "A robust plan takes into account many possible life events. Estate planning done right can guarantee you and your family are protected for all eventualities."
Name: Dennis Toman
Email: Send Email
Organization: The Elderlaw Firm
Address: 403 W Fisher Ave, Greensboro, NC 27401
Source URL: http://RecommendedExperts.biz
Release ID: 89058507