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Estate Planning Myths

Updated: May 17

What You Should Know About Estate Planning
Estate Planning Myths

There are often misconceptions about estate planning that you should know when preparing your documents. Estate planning serves to provide your family and loved ones with protection upon your passing, regardless of your wealth or assets. Your will should let your loved ones know how you want your assets to be divided. A court cannot make decisions on your behalf about what happens with your property, accounts, or guardianship of your children. If you have a trust to avoid probate and distribute assets, the process might be easier for all parties involved.

How Does Dementia Affect Estate Planning?

Dementia may affect estate planning, as the person suffering from this illness loses the ability to think clearly which could significantly impact their legal and financial decisions. Usually, friends and relatives close to someone suffering from dementia will need to help them make decisions. You can write a power of attorney document to state that someone close to you can make decisions on your behalf. To avoid probate, you may want to place your assets in an individual revocable trust for your children.

What Happens If a Patient Is Not Able to Create a Will?

When creating a will, a patient usually has to prove they are capable of decision-making. This is judged by the testamentary capacity of the patient, meaning that they know the type of property they have, the natural objects of the property, what details they are putting in their will, and the ability to form a concrete plan for their estate. If a patient cannot create a will, the court will make decisions on their behalf  in the event of their passing. The estate then goes into probate. If a patient passes away without a will, the state’s laws determine the distribution of the person’s assets.

Speak With an Attorney About Options for Estate Planning

There are many myths about estate planning out there that could complicate what you are trying to accomplish. If you have not made any official estate plans, reach out to the Your Legacy Legal Care and speak with an experienced estate planning attorney to ensure your assets are covered and allocated to your loved ones. Contact us today!

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