Estate Planning Lawyer Phoenix, AZ

Common Myths About Estate Planning

Estate planning might not be the most exciting task, but it’s a necessary one. It will ensure your final wishes are granted and that your loved ones will be taken care of. Here are some common myths about the process an estate planning lawyer in Phoenix, AZ doesn’t want you to believe.

If You’re Married, You Don’t Need an Estate Plan: If you’re married, it can make it easier to distribute your assets when you’re gone. However, there are certain factors that could complicate matters. For example, if you have children, you may want certain assets to go to them. That’s why it’s critical to have a proper estate plan in place.

Estate Planning Is Only Necessary If You’re Rich: Many years ago, estate planning may have just been a thing for the wealthy. However, that definitely isn’t the case today. People of all income brackets can benefit from estate planning. Even if you have modest assets, you still want them to go to the right people when you die.

You Can Be Too Young for Estate Planning: Many young people don’t give much thought to estate planning because they expect to live a long time. However, life can be unpredictable at times. If you have any assets at all, it’s essential to create an estate plan as soon as possible.

You Should Give Your Children the Same Inheritances: At first, it sounds like a good idea to give your children the same inheritances. You love all of your children equally and don’t want anyone to get their feelings hurt. However, as an estate planning lawyer in Phoenix, AZ can confirm, it’s not always practical. For example, if you have one child who is financially well off and another one who has struggled with money for years, you may decide to give more to the child who struggles financially.

Once You Draft an Estate Plan, That’s It: Many people think that once they create an estate plan, they never have to touch it again. However, there will likely be at least one or two times in your life when it will be necessary to make updates to your plan. For instance, if you give birth to a child in the future, you will want to add that child to your plan.

You Can Draft an Estate Plan Yourself: Although it’s possible to create an estate plan yourself online, it’s not recommended. Estate plans involve many complexities, and it’s to make mistakes if you don’t have a legal background. An experienced estate planning lawyer in Phoenix, AZ can help you draft a valid estate plan that reflects your wishes.

Our firm is ready to help you navigate this process. The attorneys at Kamper & Estrada, PLLC are available to discuss your situation during a complimentary case evaluation. For more information about estate planning, or to schedule an appointment with a skilled estate planning lawyer Phoenix, AZ has to offer, contact our law firm at 602-730-7988 or fill out a contact form from our website.

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