Estate Planning Misconceptions We’re Leaving in 2024
Every year brings new learning opportunities, and it’s especially important to take advantage of those chances when they affect your financial wellbeing. Start the new year with a thorough understanding of your estate planning options and the misconceptions that could be holding you back. When you’re ready to take your planning to the next level, the Oklahoma estate planning attorneys of Entz Burton & Associates can help.
Led by attorneys J. Michael Entz and Jeffrey Burton, Entz Burton & Associates is a firm passionate about helping people plan for the future and make the most of their assets. Our approach to estate planning puts your needs first and customizes options to fit your circumstances. Set up a time to talk with our team now by calling us at 800-633-7230.
Estate Planning is Only for the Elderly
This misconception hangs on year after year, even when it’s clear that people of all ages benefit from estate plans. Those who die young don’t usually expect it—so when they do, their legal affairs are often completely out of sorts. When people pass unexpectedly, it’s even more important for their affairs to be in order; this saves their family time, effort, and legal issues when they’re already deep in their grief. A strong estate planning lawyer can tailor their recommendations to each individual’s age, family makeup, and assets. They do this while ensuring that the estate plan fits legal requirements.
The Average American Can’t Afford Estate Planning
The expenses that come with estate planning naturally tend to correlate with an individual’s assets and estate size. Someone with minimal assets has less complex estate planning needs, which means lower legal expenses. When people think of estate planning as a costly venture, they tend to think of the massive estates that they’ve seen lawyers sort out—estates with businesses, huge retirement portfolios, foreign assets, and a complicated family tree. The average American’s estate is relatively straightforward, and their estate planning expenses will reflect that—especially if they work with a trustworthy estate planning law firm.
My Children Will Automatically Inherit Without an Estate Plan
This isn’t entirely a misconception, but it is misunderstood. It’s true that if you pass away without an estate plan, your assets will be distributed. However, they are distributed in line with the laws of intestate succession in Oklahoma. These laws vary from state to state, so what you assume to be true may not actually be true. In Oklahoma, when someone passes away without a will, their assets are given to their closest relatives. If they have a living spouse and one living child, their assets are divided in half and split between the two. If they have a living spouse and more than one child, one-third of the assets go to the spouse and the rest is distributed among the children equally. The law goes on to describe different scenarios based on which family members a decedent has. While your assets may be distributed when you pass, they will likely not be passed down in the way that you would choose.
I Wrote a Will Years Ago—I Don’t Need to Do Any More Estate Planning
Your estate plan must change as your life changes. Your relationships are always evolving, and your estate plan should reflect that. People may join the family via marriage or birth; they may leave the family via divorce or estrangement. In all of these scenarios, you may want to change how your assets are distributed. You should also revisit your estate plan when your wealth changes dramatically in either direction.
My Family Can Divide My Assets Without a Will
No matter how much you trust your family, you should make your wishes known and legally enforceable. Your family members may divvy up your assets in the way you’d choose—but why put that burden on them? Outline it in your estate plan and know that they won’t have to make those tough decisions. Too often, differences of opinion come to light after a family member dies, and loved ones are left to advocate for what they think their family member would have wanted. These types of disagreements can be avoided with a simple consultation.
Choose Entz Burton & Associates to Set Up a Consultation With an Estate Planning Attorney
Our estate planning law firm is here to help you meet your goals—no matter your asset makeup, family size, or current stage in life. Plan your will now by calling us at 800-633-7230 or reaching out online.
Attorney J. Michael Entz at Entz Burton & Associates is an experience lawyer in estate planning law, business formation and asset protection serving the families in Oklahoma City and Weatherford office.
