If you don’t hire an attorney when you start planning your estate in Minnesota, you might make some dangerous–and inaccurate–assumptions. Common myths about estate planning can throw off the entire process and even make your will invalid. At the very least, you should hire an attorney to review your will after you complete it.
What are some common estate planning myths?
Many people assume that they need to do minimal estate planning because their executor will do all the work for them. While your executor will distribute your assets after your death, they don’t have control over everything. You’ll still need to name a beneficiary for certain assets like savings accounts and retirement funds.
As for properties, collectibles, vehicles and other assets, make sure you spell out in your will how you want your executor to divide these assets. Don’t just assume that your executor will know what to do even if you know them personally. In fact, the law might prohibit them from following your orders if you don’t include them in your will.
Other people assume that writing a will eliminates the probate process. Your estate planning attorney could offer advice on avoiding probate as much as possible, but you might not be able to eliminate it entirely. Fortunately, you could take steps to shorten the process to make it easier for your family.
How can you avoid making costly mistakes?
Many people don’t even realize that they have misconceptions about estate planning until they talk to an attorney. An attorney could help you write a legally binding will that makes the process as easy for your family members as possible. Otherwise, your beneficiaries and will executor might have to deal with a tangled legal net that delays or even prohibits the distribution of certain assets.