Estate planning is essential. Not only can it protect your loved ones, it can provide guidance about how to divide your assets. There are many myths people have about planning an estate with wills and estates lawyers in Edmonton. Here are 5 wills and estate planning myths that must be debunked.
Only rich people should be involved in estate planning.
If you have any assets (cash, life insurance, property) or children, you should create a will and plan your estate. Regardless of your net worth, it’s important for you to have a plan in place after you die. Having a plan will make it easier for your family during this stressful time.
Estate planning only involves making a will.
Creating a will is only one part of estate planning. Other aspects of estate planning include:
- Designating beneficiaries
- Managing tax liabilities
- Transferring property
- Property distribution
- Protecting the interests of minor children
- Bank account designations
- Guardianship
- Naming executors for the estate
- Long-term medical care
You only must plan your estate one time.
Will and estate planning isn’t a fixed process. As your life changes, you should review your will and legacy plans. Divorce, death of a spouse and birth of children will require you to revise your plans.
It’s a good idea to review your plans every year to determine if they’re current. There’s nothing more disheartening at the end of a life than an outdated will that doesn’t include a current spouse and other important beneficiaries.
If you need to discuss estate planning with wills and estates lawyers in Edmonton, contact Wills Estate Lawyers. Our services include probate/administration, wills and estates. Visit us at Edmonton Wills & Estate Lawyers for additional information.
