As with the famous and diets, myths abound in estate planning and probate too. Today, we finish our TOP TWELVE LIST that ends with a lagniappe #13 since we count like bakers.
Myth #12: Trusts Keep Assets Away from My Creditors. A revocable living trust is a great tool for avoiding probate and they have many, many advantages. However you cannot just put your assets in the name of a trust and then tell your creditors you have nothing.
Myth #13: I can “Get Power of Attorney” over a family member whose memory is slipping. An estate plan can only be created if the person creating it is of sound mind and knows the effect of the documents they are signing. Powers of attorney are given, not taken, meaning the giver for the power must be of sound mind. To get “power of attorney” over an incapacitated person, you need guardianship
Final Thoughts
Estate planning and probate should not be overwhelming – but they do require accurate information and thoughtful planning.
Taking the time to understand the facts can help you:
- Protect your family
- Avoid unnecessary complications
- Ensure your wishes are honored
Have Questions About Your Estate Plan?
Every family’s situation is different. If you’re unsure where to start, or want to make sure your current plan is on the right track, speaking with an experienced attorney at Pyke Balen & Moncure, P.C. can make all the difference.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, specific tax, legal or accounting advice. We can only give specific advice upon consulting directly with you and reviewing your exact situation.
