MYTHS ABOUT PROBATE AND ESTATE PLANNING PART TWO
As with the famous and diets, myths abound in estate planning and probate too. We’ve compiled our TOP TWELVE LIST that we are sharing in five installments.
Myth #3: Spouses inherit everything. Depending on your family, your spouse may not be the heir at law or entitled to all your property. Even if your spouse is your sole heir at law and would eventually receive your property, a will makes things immeasurably easier. Even in the best cases, probate without a will is more expensive so a will is always a good investment.
Myth #4: Cohabitation equals common-law marriage. Mere cohabitation does not create a common-law marriage. A couple can cohabitate for a day and be common-law married, or they can cohabitate for thirty years and not be married. Other factors, hard to prove after death, impact whether a couple is married. What is hard to argue about is a marriage certificate.
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.
