The concept of estate planning is pretty self-explanatory – it refers to planning the future of you and your loved ones after you are gone. Yet, several people make estate planning complicated than it actually is. This has also led to several myths and misconceptions through the years. Here are the common ones dispelled by an expert estate planning attorney in Carlsbad CA for you:
Myth 1: Only Large Estates Require Planning
Several people are under the impression that only rich and abundant estate requires proper planning. Other people have to figure out if they even have adequate properties enough to create a plan. The truth is, no matter the number or size of properties you may have, creating an estate plan by is inevitable, which is indeed simple and straightforward.
Myth 2: Probate is a huge no-no in Estate Planning
Probate, which refers to the legal process of selling an estate, usually receives a bad rap when it comes to estate planning. During the earlier times, probate was complicated and expensive. Even worse, some jurisdictions charged fees depending on the size of the estate. However, things have changed today. The process has become simpler and the associated costs are minimal.
Myth 3: Estate Planning is only About Properties and Belongings
An estate planning is not just about properties. It also deals with the matters of a family. For instance, if you have children, you will have to create an estate plan that states who will be responsible to take care of them after your death. An estate plan could also include information regarding your health and well-being.
Myth 4: It is Possible to Disinherit Someone during the Estate Planning Process
While it is possible to not include some people in your will, estate planning attorney in Carlsbad CA explains that one cannot disinherit anyone in an estate plan. Several jurisdictions do not encourage disinheriting a spouse, who will have the right to obtain a share of the estate.
Even when you have the ability to disinherit someone, the court wouldn’t be pleased about it, especially if its someone who are your closest family members. Simply put, disinheriting someone could make your will and estate planning all the more complicated.
Myth 5: Taxes Could lead to Estate Decimation
Real estate taxes are relatively high. Unless you are someone having millions of dollars’ worth estates, you wouldn’t be affected by federal estate taxes. In fact, several states don’t enforce estate taxes.
The general rule is that an estate wouldn’t be taxed if its valued at less than $5 million. Charitable donations and gifts also don’t have estate taxes. Additionally, any possessions passed on to a spouse are also tax-free. A Carlsbad estate planning attorney should provide more information about the same.
Even though an estate planning process is not as complex as one might think, hiring an estate planning law firm in Carlsbad CA will be immensely helpful. Their expertise will help you dodge any possible mistakes, avoid additional expenses, and helps pass on your valuable properties to those who deserve it.
Rassman Law 