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.
Only people with significant assets need estate planning.
Not all assets pass according to the terms of a Will.
Once I have a Will, I can stick it in a drawer and not look at it ever again.
The only way I can be sure of the beneficiaries of my assets at death is to do proper estate planning.
Estate planning only consists of a Will.
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.
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.
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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