People have a misconception about estate planning. We have probably even reinforced it. The misconception is that estate planning is all about deciding who gets your property after you pass away. Of course, that’s a part of estate planning, but it is not the most important part.
Estate planning is more about how the person you want to get your property actually gets it. The how is far more important than the who. Do you give someone money outright? Do you want to use a Trust? What about the Estate Tax? Etc.
We often talk about the who because it is important to most people. However, it creates a misconception that it is all you need to think about. That leads some people to think that they can make their own estate plans without the help of an attorney. If all you think estate planning is is deciding who gets what, then it is easy enough to make a list on your own. However, what is not easy is determining how and making that on your own. That’s why you need an estate planning attorney.
The Mendel Law Firm, L.P. is a member of the American Academy of Estate Planning Attorneys.