According to Jennifer Mcgee, Head of Legal at TrulyWill, “Being prepared for unforeseen circumstances and creating a comprehensive estate plan is the best thing you can to do help your loved ones after your death”.
People usually ignore creating an Estate plan just because they find it confusing and overwhelming which later on costs them in terms of wastage of time, money, and stress for their loved ones.
According to one survey, about 60% of Americans have not started thinking about making a Will or any other Estate planning document.
TrulyWill has taken the initiative to remove the doubts people have about Estate Planning and the common myths associated with it.
1. Estate Planning is for Wealthy People.
Estate Planning has nothing to do with the wealth of a person and it does not end up with Last Will and Testament. There are many other documents of Estate Planning which provide a person with assistance on several issues like
– Steps to be taken in event of their incapacitation
– The guardian of the minor children
– Steps to be taken for the care of the pets
– In charge of their healthcare decisions if they’re unable to care for themselves
It can be seen from these issues that there is no involvement of wealth in the determination of an Estate plan.
2. Estate planning is not for young People.
Death is the only certainty of life. Nobody knows how long they are going to live. TrulyWill will not advise people to wait till their 50s to create an Estate plan if they care for their loved ones. The famous Singer, Jimi Hendrix died at 27, and his family and loved ones had to suffer through a long legal trial because he died without creating a Will. The battle for the distribution of his estate continued for 30 years.
The 2019 pandemic is the classical example of what is meant by saying “Nobody knows how long they are going to live”. Many people succumbed to Covid-19 and left their loved ones with grief as well as stress because they did not plan for their estate well in advance and died intestate.
Find a detailed template for last Will and Testament by TrulyWill with statewise requirements to make your own last will.
3. Estate Planning only matters when a person dies.
A comprehensive and well-drafted Estate planning deals with charitable giving, legacy planning, as well as planning for future incapacity.
Different Estate planning documents include:
– Healthcare Power of Attorney to appoint a representative to make medical decisions on behalf of a person in events of injury, illness, etc.
– Living Trusts to avoid probate, estate taxes, conservatorship, etc.
– Financial Power of Attorney to make financial decisions on behalf of a person.
These documents are effective even when the person who created them is alive.
4. A Living Trust Will Protect the assets from Creditors
This is another myth that if people put their property in a Trust, claims of creditors will extinguish. A simple Revocable Living Trust, which is the most common type of Living Trust does not protect the assets from the claims of creditors. They are mainly created for probate avoidance. However, consider making an Irrevocable Living trust to avoid Creditor’s claims as the property in an irrevocable trust is named under the Trust and not the Grantor.
5. Lawyers are needed to create a comprehensive Estate Plan.
Hiring a Lawyer is not always required unless a person has a complicated personal and financial situation. Many online websites offer a DIY mode of creating Estate Planning documents. TrulyWill is one such website.
TrulyWill offers comprehensive, state-specific, and legally valid estate plans. People can now make an estate plan in less than 20 mins without the help of an attorney.
Another benefit of using TrulyWill is its attorney assist feature in case of any complication or confusion and the free updation of documents for the first year makes it a Truly helpful platform for the users as compared to any other platform they might have come across with.
It is to be noted here that Estate planning documents require frequent updation whenever there is a major event in the life of the creator. For example, death, marriage, births, etc.
Starting Estate planning by making a Will without a lawyer is the most common practice in America currently.
6. The Nightmare of Estate Planning, Probate is to be avoided at all costs.
Probate is a formal Legal process, more specifically, a Judicial process whereby the Will of a deceased is recognized by a court of law.
The probate procedure has now become simplified and it is not cumbersome and much expensive as it was in the past. An alternative simplified probate process has been introduced in many States for people who do not hold a large number of assets at the time of their death.
Probate is not always a nightmare as it ensures that the property is distributed among the heirs according to the wishes specified in the Will. In the absence of Probate, the property is distributed as per the State’s laws in which the deceased is residing.
Now that TrulyWill has busted the common myths related to Estate Planning, it is recommended to plan for the Estate before it is too late. TrulyWill offers a soothing process to create Estate planning documents online.
If someone is not sure where to start or which plan is best for them, connect with TrulyWill Anytime, Anywhere. TrulyWill is always on standby to help.
Media Contact
Company Name: TrulyWill
Contact Person: Priyesh Thakkar
Email: Send Email
Phone: 1 (470) 693-9130
Country: United States
Website: https://www.trulywill.com/