Estate Planning Myths: Advice from an Estate Planning Lawyer in Hernando County, FL – Part 2
We wrote elsewhere about the importance of putting an estate plan in place to help ensure your family and financial goals are managed in accordance with your wishes after you pass on. There are many myths and misconceptions about estate planning that you’ll want to avoid so that your family isn’t left in confusion or strife once you are gone. Any estate planning lawyer in Hernando County, FL, will agree that these are some additional top myths about estate planning:
My Family Will “Do the Right Thing”
While you may hope that your family will honor your wishes and do the right thing, the kindest thing you can do is write down your wishes to mitigate any potential conflicts. By making your wishes explicitly clear, you can relieve your family of any confusion.
I Don’t Need To Coordinate Retirement Accounts or Insurance Policies
An estate planning lawyer will likely advise that even though you may feel it’s obvious that a 401(k) and life insurance are part of your estate, they need to be included in planning your beneficiaries and asset divisions.
Ignoring Potential Scenarios
Estate planning is not as simple as designating a beneficiary and forgetting the rest. There are many potential scenarios you cannot foresee. An estate planning lawyer can help you ensure you have alternate plans for your assets in case circumstances change.