Leading Estate Planning Attorney Sam Allen, founder of Law Mom, LLC in Duxbury, MA, outlines the most common misconceptions that can trip people up while creating an estate plan. For more information please visit https://lawmom.com
Duxbury, MA - May 22, 2023 —
Wills And Trusts attorney, Sam Allen, has debunked several misconceptions surrounding Estate Planning and its influence on people's lives.
For more information please visit https://lawmom.com
In an interview, the founder of Law Mom, LLC, said: "Estate planning, and more importantly, total Family Protection planning are some of the most important things that can ensure individuals and their loved ones are taken care of."
One widely held belief is that estate planning can sit on the back burner as many think they are too young to contemplate it. Allen said: "The only constant in life is change. Things happen that are out of our control, but what we can control is planning for our loved ones in life and after we're gone."
The myth that family members will manage your estate in the true sense of the word, without an estate plan, is probably one of the worst to believe. "Where family and inherited money comes into play, it often proves more challenging," she said.
"Estate planning puts in place legal structures to protect your assets and clear guidelines on how your assets should be distributed. If you want to know how truly dysfunctional your family can be, die without a plan!"
Those considering estate planning should first consult a lawyer in that field rather than being tempted down the DIY route to save money.
"Estate planning doesn't just boil down to appointing an executor for your will or trustee to manage a trust," she asserted. "The whole process takes into account possible circumstances such as what would happen if your beneficiary were to become incapacitated or to pass away before they receive all of their share of your assets.”
"Estate planning brings into play retirement accounts and insurance policies that people often overlook. Both are part of your wealth portfolio and should be considered part of the estate planning process. Improperly drawn beneficiary designations can have a disastrous impact."
She also dismissed the myth that estate planning only applies to the rich and famous. "Estate planning doesn't discriminate. It doesn't matter how much money is in your name or how widely known you are. It is there to make sure that what you do own is handled properly and passed down to those of your choosing when the time comes," Allen concluded.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Sam Allen
Email: Send Email
Organization: Law Mom, LLC
Address: 5 Chestnut St, Duxbury, MA 02332
Phone: +1 781-277-4488
Website: https://lawmom.com
Release ID: 89097206
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