One of the reasons why you would do well to get information from a licensed attorney is because there are some inaccurate notions floating around out there. You have to separate facts from fiction, and with this in mind we would like to look at two common estate planning and elder law myths
Myth #1: I don’t really need an estate plan.
This is patently false. There are innumerable reasons why virtually all responsible, self-supporting adults should have an estate plan in place.
The probate court would have to decide how your property is distributed utilizing intestacy laws of succession if you die without a will or trust. The result may not be consistent with your true wishes, and this process can be expensive and time-consuming.
If you are the parent of dependent children, who would be their guardian in the event of the passing of both parents? How will the children get by financially?
You make provisions for the well-being of your children with your estate plan.
Myth #2: Medicare and Social Security will provide me with everything I need as a senior citizen.
Many people do not plan ahead for retirement or the possibility of incurring long-term care costs because they think that government programs will provide them with a comfortable retirement and a health care safety net.
In fact, Medicare doesn’t pay for long-term care, which is something that most senior citizens will eventually need. And, the average monthly Social Security payout is less than $1300, which is really not enough to live on comfortably.
Advance planning with the assistance of an elder law attorney is a must if you want to be truly prepared for all the eventualities of aging.