A few common misconceptions when it comes to estate planning is that a Will is enough in all circumstances, and that if you have a will, your family will not need to go to court.
The reality is, you work hard during your lifetime to build wealth, take care of your loved ones, and leave a lasting legacy for future generations, and sometimes a will is just not enough. Having estate planning vehicles in place like a trust, can help you keep wealth in the family and avoid probate. If you have children, you want to put tools in place now to ensure that your kids will be taken care of according to your wishes, wealth will be passed down according to your detailed instructions, and that you are not leaving it up to the courts to decide who will care for your minor children.
Another common misconception that many people have when it comes to families and legacy planning, is the assumption that your loved ones will not have any qualms about assets left to them or other family members, and that little to no conflict will arise. Even if you decide not to share your will with your family during your lifetime, upon your passing, your will be publicly available for anyone to search for, and you may not be able to anticipate possible conflict or someone deciding to contest your will.
The best way to avoid potential conflict or contest is to have these conversation with your loved ones now, while you are still able, that way there is no room for surprises and you can iron out any issues that may arise before it's too late. At The Ambitious Legacy Firm, P.C., we not only help families put legacy planning vehicles in place to plan for the safety and security of their future, but we also educate them on the best legacy planning tools that will help them create and keep generational wealth, while also advising on the best way to have these conversations, because talking about it is just as important as putting these vehicles in place.