October 26, 2017 by Snupit
Trusts and wills are a complex area of the law. Figuring out the different rules and regulations and following them when drafting your will can be a tough ask. Therefore, the best approach is to consult professional estate & trusts lawyers rather than taking the DIY route. Further complicating matters are some common myths about trusts and wills. These myths keep you from making an informed decision, and might even dissuade you from drawing up your will or trust deed.
To make things a tad easier for you, here we will debunk 5 devastating myths about trusts and wills:
1. “The Process is Lengthy”
For some reason, people start assuming that the probate process can take a very long time, in fact several years. In reality, it doesn’t take more than a few months to complete, and in the majority of cases, the duration of the process is even shorter.
2. “Trusts and Wills Cost a Lot”
Another common myth regarding trusts and wills is that you have to spend a lot of money drawing them up, up to the point that your assets get compromised in the process. Rest assured, the assets in your estate remain safe during the process. The only catch is you have to look for estate & trusts lawyers who charge a reasonable fee for their services.
3. “You Can Put Off Estate Planning”
Creating your will or a trust helps you plan your estate for the future. However, this doesn’t mean you have to wait till you are in the twilight of your life before you start working on them. The moment you have some assets or investments under your estate, you can start working on your will or trust, particularly if you have children or other dependents.
4. “No Will Means State Acquisition”
Perhaps the most absurd of all myths about trusts and wills is that the state will take over your property if you don’t have a will at the time of your death. Regardless of whether you have a will or not, your heirs or next of kin will receive your estate and all the assets that come under it. In fact, each state has certain laws that govern distribution of assets in the absence of a will or trust. Estate & trusts lawyers can provide guidance if you are confused about this point.
5. “No Change If You Receive a Personal Injury Settlement”
There is a common myth that if you receive a settlement in a personal injury case, you don’t have to reevaluate your assets. Most people believe that if they receive compensation as a result of personal injury, their estate or taxes will not be affected. In fact, you have to reevaluate your estate any time you receive a significant sum of money. Talk to estate & trusts lawyers so you can learn about the best course of action.
So, now that these myths have been debunked, hopefully, you will be able to make an informed decision about your trust or will. The bottom-line is that you need to get in touch with the best estate & trusts lawyers if you want to draft a will or set up a trust.