Three Myths About Estate Planning
The Warnock Law Group in Fort Myers offers full estate planning services and is experienced at identifying the legal solutions to address your needs and concerns optimally. We often hear opinions about estate planning that are myths. We would like to offer the real answers behind some of these statements.
“You Have To Be Rich To Benefit From An Estate Plan”
Comprehensive estate planning can benefit people in every economic status and at every age. Naming someone to handle your affairs if you are unable to do so makes sure your interests are carried out even if you die suddenly. An estate plan can protect your home and assets when you die and ensure that your loved ones pay the lowest amount of taxes possible.
“Having A Will Is Enough To Keep You Out Of Probate”
Not exactly. In Florida, every estate must go through some form of probate, which is court supervision of the settling of the estate. If you just have a valid will, your wishes for the division of your estate will get carried out. However, you will not have taken advantage of the direct transfer of assets and tax savings that a trust can give.
“Creating A Trust Is Enough”
Estate planning is not about choosing a will versus a trust. As with a will, having only a trust is not enough to fully protect your family and your interests in the event of your death. With a trust, you can directly transfer some assets to heirs, but without a will, the funds subject to probate will be disbursed according to Florida law. The trust is also not automatically funded. Funding a trust needs to happen with an attorney as part of the trust administration process.
Learn More Today
Take advantage of our informed and personalized approach to estate planning. Give The Warnock Law Group a call at239-344-9471 or contact us online to learn more about estate planning in a free initial consultation.