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PROTECTING YOU, YOUR FAMILY, YOUR FUTURE | SCHEDULE AN APPOINTMENT | CALL US TODAY! (832) 408-0505

GP Schoemakers, PLLC

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  • Home
  • About Us
    • Gratia Schoemakers
      • Community Outreach Program
    • Testimonials
  • Virtual Services
  • Estate Planning
    • Estate Planning Basics
    • Last Will and Testament
    • Revocable Living Trusts
    • Durable Power of Attorney
    • Medical Power of Attorney
    • Living Will
    • Family Estate Planning
    • LGBTQ Estate Planning & Asset Protection
    • Kids Safety Plan™
    • Business Succession Planning
    • Guardianship
      • Guardianship Planning
    • Special Needs Planning
    • Legacy Preservation Planning
    • Asset Protection
    • Trusts
    • Pet Trusts
    • Gun Trusts
  • Probate
    • Texas Probate Guide
    • Probate of a Will
    • Texas Affidavit of Heirship
    • Texas Small Estate Affidavit
    • Texas Heirship Determination
    • Texas Muniment of Title
    • Trust Administration
  • Family Law
    • Divorce
    • Collaborative Divorce
    • Mediation
    • Custody / Visitation
  • Blog
  • FAQs
    • FAQs – Videos
    • FAQs – Estate Planning
    • FAQs – Beyond Money in Estate Planning
    • FAQs – Divorce and Estate Planning FAQs and Myths
    • FAQs – Estate Planning for Newlyweds Myths and FAQs
    • FAQs – Estate Planning for Young Adults
    • FAQs – The Estate Planning Cast of Characters
    • FAQs – Expecting an Inheritance
    • FAQs – Myths and FAQs – Planning for Conflict Prone Families
    • FAQs – New and Expanding Families
    • FAQs – Pet Trusts
    • FAQs – Probate
    • FAQs – Standalone Retirement Trust Myths and FAQs
    • FAQs – Trust Modifications
    • FAQs – Unwinding Obsolete Planning
    • FAQs – Why You Want to Avoid Probate
    • FAQs – Year-End Planning Myths and FAQs
  • Contact
    • Virtual Estate Planning Login
    • Client Portal

Four Common Myths about Estate Planning

December 4, 2020 By Gratia P. Schoemakers, Esq.

1) Myth: My spouse can make all of my healthcare and financial decisions because he/she is my spouse.

Reality: This is not always the case. To make sure your spouse can indeed make important medical decisions on your behalf, you should sign a durable power of attorney and a medical advance directive.

2) Myth: I’ve told my family how I want my affairs handled after I die. They’ll divide everything the way I want it divided.

Reality: Informal discussions about your affairs have no legal enforceability. Even if your immediate family does carry out your wishes, if there is a remarriage or divorce, for instance, your estate could end up in the hands of people you never intended to be beneficiaries. A properly executed will and other estate planning documents are the only way you can ensure your estate ends up where you want it to go.

3) Myth: I signed a will before, so I don’t need to do it again.

Reality: An old will may not reflect your current goals. You or your children may have married or remarried. Your property holdings may have changed. A trust may now be the preferred method to safeguard your legacy because of changes in your circumstances and needs. The only way to know for sure is to have a comprehensive estate plan review.

4) Myth: I am not wealthy enough to need an estate plan.

Almost everyone will benefit from estate planning, which addresses non-wealth aspects of your legacy along with the financial aspects. Estate planning can ensure someone you trust will care for your children and pets after your death, and make sure treasured family heirlooms end up where you want them to go. Estate planning also can help you pass along your values.

Moreover, trusts are not just for the wealthy: In states that practice Medicaid recovery, for instance, your survivors may receive a large bill for Medicaid-funded nursing home care after your death, which can force the sale of assets like the family home. Some states even seize life insurance proceeds. Depending on your situation, a trust can prevent this from happening. The only way to know for sure is to visit with an estate planning attorney to obtain personalized advice for your situation.

Contact our office today or schedule your personal Estate Planning consultation NOW. We’ll help you decide whether it makes sense to avoid probate in your particular case and, if so, the best way to do so.

Filed Under: Design, Estate Planning

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