In a recent interview, leading elder law attorney Guy B. Garner, III, Senior Attorney at Haiman Hogue in Arlington, TX, revealed the 4 top misconceptions about estate planning. —
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When asked to comment, Garner said, “Many Americans are hesitant about taking the necessary measures to plan for their estates due to a number of widespread misconceptions. However, putting off the planning process could mean exposing your loved ones to a stressful situation if you were to ever become incapacitated or once you’ve passed away.”
Many people put estate planning on the backburner, because they incorrectly assume that their family will make the right decision.
“Having an estate without carefully thought out instructions will place an undue burden on your family members. This lack of guidance could easily lead to conflict and confusion among family members if they were to try to sort estate matters out on their own,” Garner stated.
Another common misconception is that the wealthy are the only people who need an estate plan.
“This is simply false. No matter your net worth, you’ll need to have an estate plan. Regardless of how big your estate is, it’ll have to be legally passed onto someone else after your death.”
“Furthermore, estate plans can be implemented before death. Documentation included in estate planning provides instructions on financial decisions should you become incapacitated. This too can lift the pressure on family members who might be looking after you during a long-term illness, for example,” he added.
Another widespread myth is that estate planning is only for the elderly.
“Unfortunately, much of life is simply out of our control. What is within our control is what will happen with our property or assets. If something unexpected were to happen such as an illness or a traffic accident, an estate plan would guide your loved ones to carry out your wishes," he said.
Garner explained that many people are under the false notion that a will is all they need for estate protection.
When asked to elaborate, he said, “While a will may provide an outline of what should be done with an estate, an estate plan, or even better, a complete Family Protection Plan has many more protections and details of how to implement the deceased’s wishes.
Furthermore, the downside of only having a will is that it will most likely have to go through probate in court, which often costs a lot of money and takes time.”
“If you’re considering drawing up an estate plan to provide both you and your family peace of mind, then make sure to get in touch with an experienced elder law attorney today,” Garner said.
Name: Guy B. Garner
Email: Send Email
Organization: Haiman Hogue, PLLC.
Address: 690 E Lamar Blvd #115, Arlington, TX 76011
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