Estate Planning -Knowledge is Power
According to the 2022 State of Estate Planning report, 57% of the 10,000 Americans surveyed indicated that they feared that their loved ones will be burdened with closing out their estates after they pass away- yet only 53% have an estate plan in place. It seems that it’s a natural inclination to be concerned but not to take action to have an estate plan. Though there may be many reasons for this there are no misconceptions that many people maybe lacking enough information to take the first steps. If you are reading Hishaw Law LLC blog for the first time, you have come to the right place.
Hishaw Law LLC is here to break down three misconceptions that need to be addressed that will enable you to begin the process of setting a plan in place.
Misconception One - Do I need to work with a lawyer?
If your state allows you to create an estate plan you can do so without a lawyer. Many states recognize a holographic (handwritten) will. So, if your state allows digital estate planning. Look for estate planning software that allows state-specific wills or trusts to settle your affairs by allocating your assets, record your final wishes and what you want for end-of-life care. This permits your relatives and loved ones to follow instructions rather than creating family strife in decision-making.
Misconception Two – An estate plan is costly!
To create a plan two items are needed: time and money. When seeking advice to achieve estate goals one must work with an lawyer they are comfortable with, we at Hishaw Law LLC offer payment plan options for your convenience.
Resolving matters like who should receive your assets or who will control your final health decisions if you are on life support are decisions that require proper a testamentary will and a health care directive. If you die without a will, your family will have to hire a lawyer to navigate the probate process and the fees associated will have to be paid out of the estate or bank account, reducing what the heirs will take. The estate plan lets you decide what happens to your assets after death. Be ware of digital estate platforms which may be right for some individuals but not others especially if there is real property involved.
If a digital solution is the right choice be aware that signing the necessary, document may require a notary and witnesses.
Misconception Three- Wait Until You’re Older
It is important to deal with this issue as soon as possible because nothing is promised and since no one can predict the future. The benefit of having an estate plan is to make sure that no one must spend time trying to figure out your final wishes. Keeping your plan up to date ensures that relatives will not have to guesses about things that occurred after the plan was executed.
Overall, it’s better to have a plan to ensure that your final wishes are carried out, to save family time, money and anguish. If you are in need of estate planning services contact us at Hishaw Law LLC to schedule your free consultation. We are located in Charlotte, North Carolina and Cheyenne, Wyoming. Please contact us at 1.307.228.0407 or Jillian Hishaw, jhishaw@hishawlaw.com
