Estate planning is about preserving your wishes, planning for the future and protecting your loved ones. When it comes to thinking about estate planning more concretely, however, there can be a lot to consider; and knowing just how  to plan for the future can be difficult, especially if you believe some of misconceptions about estate planning.

To help you avoid making a mistake that could cost you or your loved ones in the future, below, we’ll explain the facts behind some common myths about estate planning.

Don’t Believe these Myths about Estate Planning

Myth 1 – I only need to develop a will to cover my estate planning needs.

Here are the facts behind some common estate planning myths, our Pueblo estate attorneys explain. This info can help you avoid making costly estate planning mistakes.

Here are the facts behind some common estate planning myths, our Pueblo estate attorneys explain. This info can help you avoid making costly estate planning mistakes.

Fact – This isn’t true because a will can only cover a portion of your estate planning needs. In fact, while a will can designate your assets to your chosen beneficiaries, it won’t be able to protect you in the event you become incapacitated and unable to make important medical and/or financial decisions for yourself. This is where powers of attorney come into play, and setting these up, in addition to wills, is an important part of the estate planning process.

There may be other key estate planning tools you should put in place now, as well, depending on your situation and needs. So, it is best to consult an attorney who can help you fully protect your wishes, family and estate in the future.

Myth 2 – Once my estate plan is in place, I never have to think about it again.

Fact – Wrong. Once you have an estate plan in place, it’s important to revisit it when major life changes happen – such as a birth, death, marriage and/or divorce. This is because these events can alter your wishes, and you should update your estate plan to reflect your new wishes.

Additionally, it’s advisable to review your estate plan every so often, possibly every one to two years. This habit can also help you ensure your plan is up to date and that current needs and wishes are appropriately reflected in it.

Myth 3 – I don’t need a lawyer to help me develop my estate plan.

Fact – This is also untrue, as various estate planning tools have to be specifically devised to ensure they are, in fact, legal and that they will have the affects you want them to have later.

While an attorney can help you devise a legal will, trust, powers of attorney, etc., (s)he can also assist you in identifing the right types of estate planning tools to rely on – potentially even some you weren’t aware of or didn’t consider. With this professional insight and guidance, you can be sure that your wishes, family and estate are preserved.

Contact the Trinidad and Pueblo Estate Attorneys at Gradisar, Trechter, Ripperger & Roth

When you are ready for experienced help developing the right estate plan for you and your family, it is time to contact the Trinidad and Pueblo estate attorneys at Gradisar, Trechter, Ripperger & Roth.

To learn more about our superior legal services and how we can assist you, contact us by calling (719) 556- 8844 or by emailing us using the contact form on this page.

From our offices based in Pueblo, we represent clients in Trinidad, La Jara, Lamar, Walsenburg, Alamosa and throughout the state of Colorado.

Categories: Estate Planning