Estate Planning Basics Attorney in Henderson, Nevada
What are the biggest estate planning myths?
What are the biggest estate planning myths?
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00:04
to me the one i get a lot is
00:07
you know i don’t need an estate planks
00:08
i’m not rich i’m not a millionaire why
00:10
do i need a trust or a will if i just
00:13
have you know regular assets you know a
00:16
plan is not as important for me
00:18
i think that’s a very common
00:19
misconception
00:21
and my response to that for a lot of
00:23
clients is oftentimes
00:24
you know don’t focus on
00:26
the value of your estate
00:29
you know focus on you know the
00:30
importance of it and what you’ve been
00:32
working hard for whether you have a lot
00:34
or whether you have a more modest estate
00:36
you put in time and effort to
00:39
your profession to your business to your
00:41
job
00:42
and you’ve accumulated whatever that you
00:44
have whatever you have
00:45
and you need to make sure that the
00:47
planning is in place so that those
00:49
assets are managed accordingly and they
00:52
go to the right people i think people
00:54
tend to focus more on the financial part
00:56
of estate planning but i try and help
00:58
clients understand that estate planning
01:00
encompasses more than just the financial
01:03
part of their plan it encompasses you
01:05
know incapacity what happens if they
01:08
become incapacitated you know who’s
01:10
going to make their healthcare decisions
01:12
for them who’s going to be their
01:13
financial agent
01:14
and everyone needs that regardless of
01:17
how much money they have or don’t have
01:18
and so
01:19
i try to help clients understand that
01:22
you don’t have to be a millionaire to be
01:23
or be rich to have a good estate plan
01:25
everyone needs an estate plan to some
01:27
extent it just might look different from
01:29
one client to another but they all need
01:30
it because it encompasses their property
01:33
their loved ones their intents their
01:34
wishes and a good estate plan can carry
01:37
out those wishes regardless of the size
01:39
of their estate or what they have
01:40
another misconception i think is clients
01:43
feel like you know they can just do it
01:45
on their own you know do-it-yourself
01:47
wills or
01:48
or trusts and there’s a lot of different
01:51
resources for that it’s very easy to go
01:52
online and you know pay a fractional
01:54
amount for
01:56
a will or a trust you can just do on
01:57
your own
01:59
as a practicing attorney you know we see
02:01
a lot of those those plans and
02:04
it just it’s sad to say that most of the
02:05
time they
02:07
just don’t work the way they’re intended
02:08
there’s usually always a mistake and
02:10
ambiguity an oversight
02:13
and we end up having to try to fix those
02:15
issues
02:16
and so a lot of clients i talk to
02:18
initially
02:19
they you know want to do it on their own
02:21
because they feel like their affairs are
02:23
not very involved they don’t need an
02:25
attorney to you know build them to do
02:27
this work
02:28
but every time a client does something
02:30
on their own when it comes to estate
02:32
planning almost always that estate will
02:35
you know just cost that much more and
02:37
take that much longer after they pass
02:39
away and so whatever they might have
02:41
saved initially
02:42
there are states you know bearing that
02:44
cost many times over when
02:46
when clients understand that they can
02:47
get this done through a competent
02:49
attorney the first time they might pay a
02:51
little bit more now but in the end it’s
02:53
going to make things so much easier and
02:55
it’ll really save their estate a lot of
02:57
administrative costs after the fact
Las Vegas, NV estate planning attorney Taylor K. Morris talks about the biggest estate planning myths.
