Michael E Weintraub Esq having an estate plan in place ensures that your property and wealth can pass on unhindered to your beneficiaries as per plan. However, estate planning is not a very easy subject to comprehend due to the unfamiliar terms and legal implications. When you add to that the confusion that arises from the various myths and misconceptions regarding the subject, it is understandable why many people are afraid to start planning their estate. Michael E Weintraub esq provides clarifications on some of the most common misconception surrounding estate planning:
Michael E Weintraub Esq There Is No Difference between a Will and a Living Will
While the two terms are similar, a will and a living will are different. And meant to serve distinctly different purposes. A living will is a set of instructions that you can lay down in a legally enforceable. Document regarding how your estate will be managed. In case you become mentally incapacitated or unable to communicate. On the other hand, a last will and testament is a legal document. As long as you are alive, a will has no effect.
Michael E Weintraub Esq Wills Are Important Only for Old, Sick, or Wealthy People, is a Common Myth, Says Michael E Weintraub esq
Another common misconception that prevents people from estate planning is the notion. While it is true, a will is critical for these people, all persons, even those who are young and healthy. And may not be affluent, should plan their estate. If they care about their families’ future after they die or in case, they become mentally incapacitated. By planning your estate, you can also prevent conflicts from spoiling family relationships and matters. Getting dragged into the courts, observes Michael E Weintraub esq.
It Is Cheaper and Smarter to Write a Will on Your Own Instead of Hiring Lawyer
While it is cheaper to write a will on your own, however, unless you have proper training in law. It is very easy for you to end up with a poorly-drafted will. Amateurish wills may have ambiguities or uncovered areas that can lead to disputes. A DIY will also not be able to address circumstances that are special to you and the document. May not stand up to the scrutiny of the law in case of conflicts between the heirs. Rather, you should entrust the drafting of the will and all estate planning. Documents to an experienced lawyer and the peace of mind will be well worth the extra cost.
Making a will and planning your estate can be complicated and a maze of confusion without the assistance of an experienced lawyer to guide you. Believing in any of the myths surrounding estate planning can add to the confusion and prevent you from taking the right steps to protect the interests of the beneficiaries of your estate.