People may put off estate planning for a variety of reasons. Most are born out of estate planning myths - assumptions that simply are not true. Learn why estate planning is an important task for everyone, regardless of their situation, and discover how a seasoned estate planning lawyer can assist you with the process in the following sections.
“Only the Rich Need an Estate Plan”
Perhaps one of the biggest estate planning misconceptions is that the process is only for the extremely wealthy. While, yes, a comprehensive estate plan is important for reducing the tax load of the wealthy, even those with moderate to small estates can benefit from the process. Often, people do not know their true value. They may have assets that they have forgotten about, or their savings and retirement accounts may have accrued more interest than expected. If the individual has children, this alone facilitates the creation of a will, as it is important that families ensure their children end up with the guardian or guardians they feel to be the most suitable.
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