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The Truths and Myths about Estate Planning

The Truths and Myths about Estate Planning


SML Perspectives
(April 2, 2012)

The prevailing myths of estate planning are common misunderstandings or misconceptions that may impact your decision to plan in the first place. The corresponding truths in estate planning are intended to dispel those myths, and reveal the merit of a carefully, thoughtfully executed plan. Remember, it’s never too early to start.

1. MYTH

Only people with significant assets need estate planning.

TRUTH

Not all assets pass according to the terms of a Will.

2. MYTH

Once I have a Will, I can stick it in a drawer and not look at it ever again.

TRUTH

The only way I can be sure of the beneficiaries of my assets at death is to do proper estate planning.

3. MYTH

Estate planning only consists of a Will.

TRUTH

Every person should have a financial power of attorney and health care power of attorney to name who should handle their finances and health care decisions in the event of incapacity.

4. MYTH

If I am married but do not have a Will, all of my individually owned assets would automatically pass to my spouse at death under Ga, NC and SC law.

TRUTH

Regardless of your circumstances, it would be wise to be sure you have the proper estate planning in place, which includes powers of attorney, a Will and potentially a trust.

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Authors
Jill L. Peters Kaess
T (910) 815-7128
F (910) 815-7229
Associated Attorneys
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