You spend the entirety of your life working hard to obtain the assets you have, but what is going to happen to your belongings once you are gone? Even though most people recognize that creating a will and planning their estate is an important endeavor, about 55 percent of Americans still do not take the time to either create a will or estate plan at all. There is a lot of confusion surrounding the whole idea of planning for assets, money, and belongings after death, which could be part of the problem. Here are a few of the biggest misconceptions about estate planning and the real facts you should know as an average individual.
Misconception: If you don't have a lot of belongings, there is no reason to create an estate plan.
Fact: Estate planning is important even if you don't feel like you have a lot to contend with as part of your assets. Even if all you own is your vehicle and a few bank accounts, it is a good idea to have an estate plan in place so not just anyone can try to stake claim to what you do have once you are gone.
Misconception: You have no heirs, so estate planning is not necessary.
Fact: If you pass away and have no heirs, the state in which you live will likely step in and take possession of everything you own, which is not something most people prefer. Plus, if anyone can prove they are remotely related, they may be able to step in and claim your estate even if they were personally a total stranger to you when you were living. Most individuals prefer to just leave their estate to a specific cause, organization, or even friend if they have no heirs.
Misconception: Estate planning is not necessary when you are young.
Fact: Actually, the sooner you can get started on an estate plan as a working adult, the better off you will be. It is easier to create an estate plan while you are young and make adjustments as you age as things change, than to create a complex estate plan later in life and try to remember everything. Creating an estate plan at this age may seem moot, as you are likely still planning out your future. However, it is never too early to start thinking about your assets as a whole and how you would like them directed if something does happen to you.
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18 August 2016
While I took a few business classes in college, I left early to start my own business. I thought I had the knowledge I needed to become a great business owner and was eager to start my business. Soon, I had a new business that was actually performing pretty well in sales. Unfortunately, I hadn't taken any law courses in college, and I soon realized I made a few mistakes when starting my business that could cause me some legal trouble. Thankfully, a great business lawyer helped me correct my mistakes before I had any legal problems, but I then decided to take those business law courses. I want to help business owners and anyone else who would like to learn more about the law by starting a blog where I will share what I have learned and will continue to learn. I hope I can help you!