Common
Misconceptions
Know the Facts
Good Planning Starts With Clear Information
Estate planning can feel complicated partly because so much of what people hear comes from family stories, online advice, or assumptions that do not apply to every situation.
A will does not automatically avoid probate. A trust does not always protect assets from creditors. And estate planning is not only for people with significant wealth.
Understanding the difference between common assumptions and how the law actually works can help you ask better questions and make more informed decisions about your family, assets, and future.
Myths & Facts
What People Often
Estate planning rarely works in absolutes. Here are some common assumptions — and the important details behind them.
A Will avoids probate.
The Truth
A Will only directs the court once in probate, otherwise the state makes the direction itself.
You are too young to do estate planning.
The Truth
Anyone can become incapacitated at any time.
You need to have a lot of money or a lot of assets to worry about estate planning.
The Truth
Estate planning is not just about your assets, but also about your body.
Adding a child’s name to the asset is the best way to avoid probate.
The Truth
There can be significant issues when you name a child as a co-owner.
Without a Will, the State gets your assets.
The Truth
NRS 134 and ORC Sec. 2105.06 determine succession, it is very rare that the State receives your assets.
A Trust is the only way to avoid probate.
The Truth
There are many ways to avoid probate, a Trust is merely one option.
Debts of decedents pass away with them.
The Truth
The debt of a decedent attaches to the decedent’s assets in most cases.
My heirs will be able to find my assets/debts.
The Truth
There is no central database for assets/debts (though through our Elite Estate Insider Program there can be for you).
My heirs will be able to find my estate planning documents.
The Truth
There is no central database for estate planning documents (though through our Elite Estate Insider Program there can be for you).
I can do my estate plan cheaper on [website].
The Truth
Only an experienced trust and estate planning attorney can help ensure your estate planning documents are properly drafted to serve your best interests.
Having a Trust avoids probate.
The Truth
Merely having a Trust isn’t good enough to avoid probate.
If you have a Trust, you are protected from creditors.
The Truth
This can be true, but in many cases it is not.
Why the Details Matter
Many estate planning mistakes do not become obvious until someone is incapacitated or a loved one has passed away.
An asset may still go through probate. A trust may not own the property you thought it did. The person you expected to make decisions may not have legal authority. Important documents or account information may be difficult to locate.
Planning ahead gives you an opportunity to identify those gaps while you can still correct them.
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