The estate planning process, Wills, and Trusts can be confusing and difficult to understand. That’s why it’s best to rely on an attorney who can create a customized estate plan and explain the plan in plain English (Fundamental Estate Planning Documents ). In these Myth vs. Fact comparisons, Shanley Law LLC aims to debunk some common myths about estate planning.
Myth: You need a Will in order for your property to be distributed to your heirs after your passing.
Fact: There are laws in place that govern who will get your property if you didn’t have a Will or formal estate plan. These laws are called the laws of intestacy. The problem with these laws is that they are built on the assumption that you want to leave all of your property to your closest living relative. The legal outcome may be exactly what you had in mind for your estate, but there’s no guarantee.
Myth: The only purpose of Wills is to get your money and property to your heirs.
Fact: Wills do more than transfer money and property from Point A to Point B. The documents associated with Wills also do a couple of other things, like nominate guardians for minor children and nominate someone to manage the money for these children 10 fundamental estate planning documents in Wisconsin. Wills also allows you to select people you trust to manage your property and your affairs after you’re gone.
Myth: Everyone needs a Will.
Fact: A person may have millions of dollars in assets, and a Will or Trust won’t touch any of it. The assets are distributed through 401Ks, death designations, transfer on death deeds, and other documents crafted with a financial planner. In these cases, a Will may not be necessary; but it can still be a good idea as a safety net for forgotten property and nominating who you want to arrange your final affairs. You should also keep in mind that people who don’t need a Will still need other estate planning documents, like a financial power of attorney appointed to manage their money and property.
Myth: Only individuals meeting a certain threshold in assets should create a Trust.
Fact: There’s no magic number to reach before creating a Trust instead of a Will. The decision should be based upon what sort of assets you have and what do you want done with these assets. Let’s say you have money in mutual funds, checking accounts, CDs, and life insurance policies. If all you want to do is get the money to your kids as fast as possible with as little hassle as possible, then the beneficiary status might be your best estate plan. The banker, the broker, the life insurance agent are all going to distribute the money to your beneficiaries. You might not need a trust to organize these assets. On the other hand, you may not have big money, but you may have beneficiaries with big problems. In these cases you may still want the exact gifting capacities of a trust in order to properly get the people you care about money in a way that will be of the most benefit to them.
Myth: All estate planning attorneys are the same.
Fact: At Shanley Law LLC, we take the time to address your concerns and anxieties. Our comprehensive five-step approach to estate planning results in a strategy that meets your goals and objectives. Contact us to schedule an initial estate planning consultation today.
About Us: Attorney Devin Shanley is the approachable expert clients can trust. A native of Green Bay, Wisconsin, Devin has been developing legal solutions in his beloved hometown since 2012. Married to Mo and dad to two rambunctious kids, he has a soft spot for the Green Bay Packers, grilling out, and playing with his kids. His areas of practice are Estate Planning, Family Law, Business Law, and Non-Profit Organization Law. Schedule your free consultation by calling 920-471-0929.