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Debunking 5 Common Estate Planning Myths .pdf



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Debunking 5 Common Estate
Planning Myths
Estate planning is one of the most misunderstood areas of finance and law. With numerous
myths about estate planning services in India, people either fail to do it correctly or not do it
at all! Inefficient and inadequate estate planning in the early stages of life can lead to a
problematic future. If you are have started your estate planning and need a little guidance,
go through this write-up. This informative blogs debunks five common myths about estate
planning you need to know and understand.

1.

“Only The Wealthy Require Estate Planning Services”
Although wealthy individuals need to choose estate planning, it does not mean that
people from every walks of life should not opt for this method. Every individual needs
to start on their estate planning early on in life to gain maximum benefits in times of an
emergency. It is, however, important to note that there are various considerations
when it comes to estate planning, such as your assets, financial circumstances, family
relationships, and legacy succession, to avail profits for when you retire or for your kids
college tuition.

2.

“I’m too Young To Opt For Estate Planning Law Firms”
Most people believe that estate planning is for aged people who are retired or on the
verge of retirement. It is, however, the opposite. It is important that you start thinking
towards estate planning shortly after you start your first real job. Although it is a good
option to review and revise your estate plans at periodic intervals, but estate planning
is for all ages and the earlier you plan, more options are available to you. Another
important thing to keep in mind is that when you plan early, you ensure that things
happen according to your needs and wants, making it easier and more beneficial for
you in the future.

3.

“I’ll Never Have To Change My Estate Plan”
Estate planning is not an objective that you need to accomplish in your life. It is crucial
to review, revise, and update various documents and plans periodically. You need to
seek help of estate planning services in India and make sure to review your plans in a
span of 5-7 years with them. Another important thing to keep in mind is that there are
various life circumstances that may call for revision of your estate plans, such as
remarriage, divorce, birth of a child, adoption, retirement, and various other life
altering situations.

4.

“A Will Is All The Estate Planning I Need”
The first thing most people do when opting for estate planning is research on esteemed
estate planning law firms and draft their will. Although most people believe that is all
estate planning has to offer, but that isn’t true! Drafting a will is the best starting point
when opting for estate planning. There are various things you can choose to plan, such
as medical directives and trusts in addition to a will, ensuring you and your loved ones
enjoy significant advantages in the future.

5.

“Probate Court Only Deals With Will Disputes”I
If you wish that your loved ones steer clear in dealing with probate court after your
passing, you will need to take a proactive action now. A will does not ensure that your
close peeps avoid probate court, and having no will also calls for a court process. Proper
estate planning helps in minimizing or eliminating the amount of estate that must go
through this process. Another thing to keep in mind is that you are in control of how
your assets are distributed after you pass away.

Wrap Up

When it comes to estate planning, it is vital that you do adequate research and make sure
you understand what all estate planning entails. It is a good option to seek help of estate
planning services in India and guarantee the financial safety of your loved ones in the future.
Keep in mind the above myths and opt for estate planning early on to avail the best benefits
for the long haul.


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