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Common misconceptions about wills and estate planning

Although relatively low on the list of priorities for most California families, estate planning is an important step in providing guidance and securing the future for loved ones. Knowing assets are taken care of can provide much-needed peace of mind. There are many misconceptions and stereotypes about wills, trusts and estate planning. Learning these common misconceptions can help families create the best plan for their future.

A common misconception about wills is that they are documents that oversee the distribution of all assets. However, a will has certain limitations. While wills allow a person to lay out how belongings are to be distributed, the only possessions that wills have control over are possessions that are in the person's name. Another common misconception about wills is that, once a person's will is drawn up, he or she is finished with planning. However, in addition to a will, it is important to have beneficiaries listed on all accounts and, in the event of certain medical circumstances such as incapacitation, what medical treatment is desired.

Many people assume that, once an estate plan is drawn up, it cannot be changed. This is far from the truth. Since circumstances in life can frequently change, plans can be altered at any time to reflect financial or personal changes. Estate planning has been stereotyped as something only needed for rich families. However, securing assets and creating a better future for loved ones is something that is highly recommended regardless of a person's wealth or net worth.

Securing assets and planning for the future is wise and always a good idea regardless of age. Those in California who have questions regarding wills, trusts or any aspect of estate planning may want to consider consulting a legal representative. A knowledgeable attorney can answer questions and provide much-needed guidance for proactive families looking to secure a plan for their future.

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The Law Office of Araceli Tovar, APC

251 Madrona St.
Chula Vista, CA 91910

Phone: 619-869-4200
Fax: 619-869-4202
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