An Estate Plan is essential to ensure your wishes are carried out upon your death. Many people fail to recognize the importance of an estate plan, due in part to a number of myths. We have dispelled some of them for you below.

Myth: “The state will take my property if I pass without a will.”

Fact: If you do not have a will, your property is unlikely to go to the state; but state law will control how your property passes, instead of you. This may be especially important to consider if you are unmarried or have a non-traditional family.

Myth: “All of my property will pass to my spouse.”

Fact: If you are married with children, all of your property will not go to your surviving spouse at your death unless you have a will.

Myth: “I do not have to leave my spouse anything if I do not want to.”

Fact: Unless you have a valid pre/post-nuptial agreement, your surviving spouse will be entitled to a certain amount, regardless of what your will says.

Myth: “If I leave a relative out of my will, they will not receive anything.”

Fact: If you do not specifically disinherit certain family members, they may still be entitled to some of your property, even if your will leaves it to someone else.

Myth: “I will lose control of my property if I create a trust.”

Fact: By creating a properly funded revocable trust, you can retain complete ownership and control over your property and avoid probate.

Myth: “A revocable trust will protect my property in the event of a lawsuit.”

Fact: A revocable trust does not provide protection from most personal liability. An LLC might and can be part of your estate plan.

Wescott Law has a number of attorneys, including Sarah Rubury and Shawna Bentley, who have the experience necessary to develop an estate plan that ensures your wishes are carried out.