Exploring Myths & Misconceptions About Wills and Trusts

As much as we try to simplify the process for you, it can be difficult to sort through all the confusion about estate planning documents and the probate process. In an article posted on TCPalm.com, Florida Trust Attorney Robert D. Schwartz provides an insightful explanation of common misconceptions about wills and trusts.

According to Schwartz, there are many frequently perpetuated myths about wills and trusts circulating around. A few of the myths he discusses in Explaining common misconceptions about wills and trusts include:

 
  • If you have a Last Will and Testament prepared, your estate will avoid probate.
  • I don’t need to do any estate planning because I’m not worth enough money.
  • Putting my homestead and other property into a Revocable Trust will limit what I can do with the property during my lifetime.
  • if I have a trust, I will have to file a completely separate tax return from my spouse.

Schwartz’s responses to these, and other, myths and misconceptions about trusts are concise and clearly written so the layman can understand his explanations. As he concludes, “The proper planning can make things easier and less expensive for your loved ones. Wills and trusts are tools that can be extremely helpful in accomplishing your estate planning goals. Make sure that you ask a professional and do not fall victim to the misconceptions and incorrect information that is constantly circulating around.”

For more details, read Robert Schwartz’s article, Explaining common misconceptions about wills and trusts. (opens in new window)
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Estate Planning Assistance in Central Indiana

If you live in the metropolitan Indianapolis area and need help to establish an estate plan to help protect your financial assets, as well as your legacy for children, grandchildren, and future generations, contact us. Family Trust’s online Virtual Estate Planning System (VEPS) is a quick and easy way to start creating an Estate plan custom-designed to your needs and wishes.
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