Top estate-planning and probate attorney Michael Smith, founder of Smith Barid, LLC, warns that common estate-planning myths—such as the idea that it’s only for the wealthy—can lead to family conflict and unmet final wishes. For details, visit https://smithbarid.com
-- Myths surrounding estate planning can cause unnecessary delays, create family rifts, and result in final wishes not being adhered to, leading Elder Law Attorney Michael Smith revealed this week.
For more information, please visit https://smithbarid.com
The founder of Smith Barid, LLC in Savannah, GA, highlighted several common misconceptions surrounding estate planning. These include the belief that estate planning is only for the wealthy, and that retirement accounts and life insurance policies are not considered part of a person's wealth portfolio.
By addressing these myths head-on, Smith hopes more people will take estate planning seriously. The goal is to ensure that their assets are protected when they pass away or become incapacitated, and that their wishes are clearly carried out.
He said: “Estate planning is for everyone, irrespective of how much money they have in the bank. Unfortunately, many people put it on the back burner because they either believe it doesn’t affect them, think it’s too early to consider, or simply don’t want to contemplate what happens when they die.”
He emphasized: “Both life insurance and retirement accounts—like 401(k)s and IRAs—are vital parts of a person’s wealth portfolio and must be incorporated into any comprehensive estate plan.”
Smith noted that once someone has passed away, their assets will be passed on to their beneficiaries. However, there are specific rules and legal processes involved in naming and managing beneficiaries, and failure to follow them can lead to costly and regrettable consequences.
He explained that estate planning can also become a source of family conflict if not handled properly. “Where family and money are intertwined, it can become problematic. There’s a common but misguided belief that trusted loved ones will always make the right decisions about an estate,” he said.
“Estate planning has legal structures in place to safeguard a person’s assets and ensure their assigned beneficiaries are honored. Without these protections, a person’s final wishes may not be met,” Smith added.
He advised that estate planning is not a do-it-yourself task. “Many people assume the process just involves assigning an executor or a trustee, but a solid estate plan is far more complex than that,” he said.
He concluded: “A robust plan takes into account many possible life events. Estate planning done right can guarantee you and your family are protected for all eventualities.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Michael Smith
Email: Send Email
Organization: Smith Barid, LLC
Address: 7393 Hodgson Memorial Dr #202, Savannah, GA 31406, United States
Phone: (912) 452-2224
Website: https://smithbarid.com
Release ID: 89166437
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