What People Don’t Know Can Hurt Them. Joe Dadich, Estate Planning Attorney in Oakland County, MI Presents Myths about Estate Planning
Joe Dadich, estate planning attorney in Oakland County, MI presents myths about estate planning.
"Many people think that is a will is all you need," said Dadich. "Having only a will is a sure ticket to probate court. To avoid the expense and heartache of probate court, you need an estate plan."
A large percentage of people do not have an effective estate plan. There are many reasons for this. One reason is that no one wants to think about one's death or the death of a loved one, so it is just put off. Another reason is that people think that they have all the time in the world to take care of it. One unfortunate incident, however, and the issue could be staring them in the face. The biggest reason that people do not have an estate plan is just simply not knowing what can happen if they do not have an plan in effect.
"I want to prevent the families prevent financial and emotional turmoil when a loved one passes away," said Dadich. I can share countless scenarios where families had to suffer because they did not have a simple will or power of attorney in place. One does not want to go through all the turmoil on top of grieving a loved one."
In his book "Celebrity Estate Plans Gone Bad," Dadich points out the three myths about estate planning that keeps families from planning effectively:
1. You only need a will to protect your assets. While a will is better than nothing at all, just having a will is a guaranteed trip to Probate Court. Probate court filing fees and attorney's fees can be avoided with an estate plan in effect.
2. If you have little assets, you don't need estate planning. Even if you have very little assets, you still need, as a bare minimum, a medical powers of attorney. Having a medical powers of attorney can curb the expense of a filing fee and attorney's fees in probate court.
3. The plan will work the day you sign the documents. One needs to take additional steps after all the documents are signed to transfer assets into a trust or the trust is unfunded and worthless. One also needs to have provisions in the plan to take care of life changes such as new births, divorce, etc. If added assets are left out of the plan, all the work that the estate planning attorney has done, will fail.
“Estate planning is a process, says Dadich. “All that needs to be done, can't be done in one meeting. Effective estate planning needs to be dynamic and change when life events change. Our estate planning has mechanisms in place to allow for these changes.”
For more information on estate planning and its benefits, call 248-677-1041 or visit http://www.estateplanningattorneyoaklandcountymichigan.com/.
About Joe Dadich, Estate Planning Attorney:
At Dadich & Associates, PLLC, their estate planning practice specializes in helping families enhance their lives today and secure their futures for tomorrow. In 2008 the Emergency Estate Planning Team was pleased to announce Mr. Dadich was named as Michigan’s ONLY Rising Star for 2008 (as an Attorney/CPA under 40) as named by SuperLawyers™. For more information email Joe or call him at 248-677-1041.
2844 Livernois Rd #4292
Troy, MI 48099
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