—
Long-held myths about estate planning could cause people to delay protecting themselves and their families for the long-term, Jennifer Elliott founder of San Clemente Estate Law, in San Clemente, CA revealed.For more information please visit https://sanclementeestatelaw.com
She detailed four misconceptions that need to be exposed if people were to take estate planning seriously and ensure their assets are protected if they become incapacitated or when they’ve passed away.
"Many common myths surrounding estate planning lead many to put it on the backburner until it's too late," said Elliott.
Two of the most common myths are that estate planning is only for the wealthy, and retirement accounts and insurance policies are not included in wealth portfolios.
Elliott countered: "Estate planning is for nearly everyone, no matter how much money they have in the bank. The primary goal is to ensure that whatever you do own is protected if you become incapacitated during life or that your wishes are carried out upon your passing.
"It follows both life insurance and retirement accounts, such as 401ks and IRAs, are a vital part of a person's wealth portfolio and need to be incorporated into any estate plan.
"Once someone has passed, the assets in these plans will be handed over to their beneficiaries. There are specific rules regarding beneficiaries, and they need to be coordinated. Failure to do so can have regrettable consequences."
Elliott said estate planning could also be held hostage to fortune and family, and beliefs that someone could put a plan together based on DIY websites were wide off the mark.
"Sometimes, when 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. Estate planning is there to put legal structures in place to safeguard a person's assets and the assigned beneficiaries. Without these, their initial wishes may not be met."
Elliott commented: "Estate planning is not something to go at on your own. Many assume the process is assigning an executor to oversee a will and a trustee to manage a trust.
“However, a robust plan needs to take into account many possible life events, such as if an assigned beneficiary were to become incapacitated or even pass away. 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: Jennifer Elliott
Email: Send Email
Organization: San Clemente Estate Law, P.C.
Address: 100 S Ola Vista Suite A, San Clemente, CA 92672
Phone: (949) 420-0025
Website: https://sanclementeestatelaw.com
Source URL: http://RecommendedExperts.biz
Release ID: 89006519
Google
RSS