There is a lot of complicated information surrounding trusts and probate. This misinformation turns into myths, which can cause considerable confusion about the whole process. When people have misconceptions about these matters, it may prevent them from creating an estate plan. This confusion may be why barely 30% of adults have an estate plan. Here are five myths about the probate process that you should know are false:
If you die without a will, the government gets everything
When someone passes away without a will or any estate plan, the assets do not go to the government. Instead, the law specifies that the assets will go to the heirs of the deceased. The heirs are often next of kin, such as spouses, children, or siblings or parents. Although there is a government plan for your assets, it does not mean that they will go to the people you want to inherit them.
Probate will take all the money in your estate plan
Some people believe that the probate process will cost so much money that it will take anything inside of an estate plan. While there are attorney fees if they administer their services for the probate process, they will not be enough to drain an entire estate. Paying for an attorney can also help expedite the probate process.
It will take years to administer an estate
This myth is an exaggeration of the most extreme cases of probate. Long probate cases can take weeks or months, but simple cases can last a few days or more. An experienced estate planning attorney can finish things quickly and efficiently.
Only the rich need an estate plan
Anyone can benefit from an estate plan. A proper plan can ensure who will receive your assets when you pass, who you want to look after your dependents and enforce your medical wishes. Thorough planning can save your loved ones a lot of time and confusion about your wishes.
You do not need a lawyer for your probate or estate planning needs
While it is possible to get through these matters without an attorney’s guidance, an experienced lawyer can help you save time and money. Through guidance, you can avoid serious mistakes that could leave you and your loved ones with considerable regrets.