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Misconceptions over estate planning could cause unnecessary delays, create family rifts and final wishes not being adhered to, disclosed Bobbi L. Thury, Co-Founder of Legacy Law Firm, P.C. in Sioux Falls, SD.For more information please visit https://www.legacylawfirmpc.com
In a recent interview, Thury pinpointed some of the wrongly held myths surrounding estate planning. Among them is that estate planning is only for the wealthy, and retirement accounts and insurance policies are not included in wealth portfolios.
By highlighting these misconceptions, the attorney hoped people would take estate planning seriously and ensure their assets are protected if they become incapacitated or when they've passed away.
"Unfortunately, many put estate planning on the back burner because they either believe it doesn't affect them, it's too early to consider, or they don't want to contemplate what happens when they die," Thury said.
"Estate planning is for everyone no matter how much money they have in the bank. The goal is to ensure that whatever they own is protected and their wishes are carried out upon either their passing or incapacitation."
Thury added: "It follows both life insurance and retirement accounts, such as 401ks and IRAs, which are a vital part of a person's wealth portfolio and need to be incorporated into any estate plan."
Once someone has passed on, their assets will be handed over to their beneficiaries. There are specific rules regarding beneficiaries and need to be coordinated. Failure to do so can have regrettable consequences.
Thury commented that estate planning could also be held hostage to fortune and family, and muddling through DIY-based plans could leave someone worse off.
"Where family and money are intertwined, it can become problematic as there's a misguided belief that trusted loved ones will make the correct decisions about an estate," Thury said. "Estate planning has legal structures in place to safeguard a person's assets and the assigned beneficiaries. Without these, their initial wishes may not be met."
Thury commented: "Estate planning is not something to do on your own. Unfortunately, many assume the process assigns an executor to oversee a will and a trustee to manage a trust. However, a robust plan takes into account many possible life events.
"Estate planning done right is one of the best things to guarantee that you and your family are protected for all eventualities."
Misconceptions over estate planning could cause unnecessary delays, create family rifts and final wishes not being adhered to, disclosed Bobbi L. Thury, Co-Founder of Legacy Law Firm, P.C. in Sioux Falls, SD.
In a recent interview, Thury pinpointed some of the wrongly held myths surrounding estate planning. Among them is that estate planning is only for the wealthy, and retirement accounts and insurance policies are not included in wealth portfolios.
By highlighting these misconceptions, the attorney hoped people would take estate planning seriously and ensure their assets are protected if they become incapacitated or when they've passed away.
"Unfortunately, many put estate planning on the back burner because they either believe it doesn't affect them, it's too early to consider, or they don't want to contemplate what happens when they die," Thury said.
"Estate planning is for everyone no matter how much money they have in the bank. The goal is to ensure that whatever they own is protected and their wishes are carried out upon either their passing or incapacitation."
Thury added: "It follows both life insurance and retirement accounts, such as 401ks and IRAs, which are a vital part of a person's wealth portfolio and need to be incorporated into any estate plan."
Once someone has passed on, their assets will be handed over to their beneficiaries. There are specific rules regarding beneficiaries and need to be coordinated. Failure to do so can have regrettable consequences.
Thury commented that estate planning could also be held hostage to fortune and family, and muddling through DIY-based plans could leave someone worse off.
"Where family and money are intertwined, it can become problematic as there's a misguided belief that trusted loved ones will make the correct decisions about an estate," Thury said. "Estate planning has legal structures in place to safeguard a person's assets and the assigned beneficiaries. Without these, their initial wishes may not be met."
Thury commented: "Estate planning is not something to do on your own. Unfortunately, many assume the process assigns an executor to oversee a will and a trustee to manage a trust. However, a robust plan takes into account many possible life events.
"Estate planning done right is one of the best things to guarantee that you and your family are protected for all eventualities."
Source: http://RecommendedExperts.biz
Contact Info:
Name: Bobbi L. Thury
Email: Send Email
Organization: Legacy Law Firm, P.C.
Address: 7404 Bitterroot Pl, Sioux Falls, SD 57108
Phone: 605-275-5665
Website: https://www.legacylawfirmpc.com
Source URL: http://RecommendedExperts.biz
Release ID: 89031042
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