Debunking the 4 Most Common Estate Planning Myths in Monroe, LA
When it comes to estate planning, most people living in and near Monroe, LA understand they should have a will.
However, the average person’s grasp of estate planning does not extend beyond understanding the need for a will. Most people don’t want to delve deep into the nuances of estate planning as it centers on the subject of death.
Furthermore, those who understand estate planning in-depth quickly admit that the internet is chock full of myths and half-truths about this subject matter. Here is a quick look at the top estate planning myths.
Myth #1: If I die without a will, everything will go to my kids in equal amounts.
If you die without a will, meaning dying intestate, the probate court will determine the distribution of your estate. There is no guarantee that the probate process will be fair.
If you want specific assets or their percentages to go to your kids, spouse, siblings, or even nephews, nieces, and grandchildren, meet with our estate planning attorneys in Monroe, LA to create a detailed will.
Myth#2: The primary purpose of estate planning is to mitigate the burden of taxes.
Though estate planning in Monroe, LA certainly helps to minimize your family’s tax burden after you pass away, that is only part of why it’s in your interest to create an estate plan.
An estate plan details exactly which family members, friends, and charities receive specific assets, ensuring those parties do not end up in a bitter dispute on the distribution of assets after you pass away.
Our estate planning attorneys in Monroe, LA ultimately provide you with invaluable peace of mind in addition to tax mitigation.
Myth #3: Establishing a trust is the extent of estate planning in Monroe, LA.
A trust might prove helpful for your unique estate planning situation. However, some Monroe, LA community members might not need a trust.
In general, residents in Monroe, LA with many assets or assets of significant worth usually benefit from establishing a trust. However, there are different types of trust: irrevocable and revocable.
An irrevocable trust provides a trustee with control of the asset and triggers a fiduciary duty to the beneficiaries, potentially leading to a conflict of interest. Our estate planning attorneys in Monroe, LA are here to review your unique situation and determine if it makes sense to establish a trust.
Myth #4: Estate planning in Monroe, LA is only for old and wealthy people.
If you have any assets at all, be it an automobile, a house, a boat, investments, or a checking account, you and your loved ones will benefit from estate planning in Monroe, LA.
Meet with our estate planning attorney, and we will tailor a will to your financial situation as well as your desires for your assets. Be proactive, and your family won’t have to endure the probate process triggered in cases where family members die without a will.
Contact Niswanger Law in Monroe, LA for a Consultation
If you have not yet started estate planning in Monroe, LA or if you have not updated your estate plan after a significant life event took place, contact us today. Our Monroe, LA estate planning attorneys will review your current estate plan (or lack thereof) and create a new estate plan that makes sense for your financial situation and desires.