March 30, 2017. The program featured Theresa Hogan, a local attorney who specializes in estate planning and business law. The oldest known will dates back to 2548 BC yet 66% of people do little or no estate planning. Theresa attempted to dispel some of the myths regarding the process. Many people mistakenly assume that you need a large estate to care about this. The truth is that people can amass more assets than they realize and careless planning could direct those assets in undesired ways.
Another myth is that married people don’t have to worry because everything automatically is transferred to the surviving spouse. This is not always the case. Children from a current or prior marriage may take precedence. People need to establish who will be their power of attorney well in advance. You need to make clear who is authorized to make decisions for you. Even parents are not automatically granted power of attorney rights after their children reach the age of 18. These cases often result in court-appointed POAs.
Some people feel they are too young to worry about estate planning. Sadly, we have no way of knowing when we will actually need to have it completed. Trying to save money by filling out some forms online can be a big mistake. One little misunderstanding of the law may send your money in a totally undesired direction. Another reason people procrastinate is they feel the process is complicated and expensive. The truth is that most estates are relatively simple. Many people worry that they will lose their homes due to high costs associated with nursing homes. There are government programs in place to cover these costs and properly protected assets will be safe.