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Misconceptions could keep you from taking important legal steps

On Behalf of | Oct 22, 2019 | Firm News

Estate planning can be a complex process, and there are many reasons why New Jersey readers avoid it. Whether you are not sure if you even need an estate plan or you don’t know where to start, it is in your interests to know what steps you should take in order to fully protect your long-term interests. What you don’t know or don’t understand can hold you back from important steps you need to take.

Misconceptions about estate planning can ultimately result in exposure to certain risks and problems in the future. If you don’t understand certain things or have assumptions about what types of protection you may need, it is beneficial to seek appropriate guidance. An assessment of your case can help you see what estate planning steps can be useful for your situation.

Common misunderstandings about estate planning

Like many, you may assume that estate planning is only about planning and accounting for what will happen after your death. In reality, estate planning has immediate benefits and long-term ones as well. When you have the right protections in place, you will have peace of mind regarding your future. You will also get to have a say over what happens to your body in case of incapacitation.

This is just one example of the many ways that people let their own misconceptions and misunderstandings stand in the way of taking the right legal and financial steps. Other common ones include:

  • People sometimes assume that once they have a plan, they don’t have to do anything else. However, estate plan updates and adjustments are important after major life changes.
  • It is common to assume that estate planning is only about planning for death. There are many more reasons a person should consider having protections in place.
  • A person may think that a will is enough protection. In reality, there may be other documents needed in order to have a complete and thorough estate plan.

It could be worthwhile for you to seek a complete and thorough assessment of your case. You may not realize it, but there could be certain things you need in your plan or need to do for your plan that will allow you to have the right amount of protection you need. You deserve to have the final say in what happens to your estate and regarding your medical needs, and you can do this with the right estate planning steps.