Top Estate Planning Lawyer Fred Haiman, founding partner of Haiman Hogue in Frisco, TX reveals why myths surrounding estate planning lead to unnecessary mistakes for people. For more information please visit https://www.haimanhogue.com
Frisco, TX United States - March 7, 2023 —
Texas-based Estate Planning Attorney Fred Haiman has revealed that myths and misconceptions around wills and trusts can prevent people from engaging in the process.
For more information please visit https://www.haimanhogue.com
In an interview this week, the partner at Haiman Hogue in Frisco, TX, asserted: “There is common confusion over the difference between a will and a living will. While the two estate planning documents have similar names, they serve entirely different purposes.”
‘’A living will exist in anticipation of someone losing their capacity or ability to communicate. Depending on your State, this document allows you to instruct who will make decisions over your healthcare and potentially who you want to take care of your children.’’ It can also serve as an Advanced Medical Directive, allowing you to decide if you want to be kept alive on life-support after the medical professionals have made the decision that there is no further treatments that can help sustain life, Fred explained
“It directs what healthcare you wish to accept or refuse and makes your wishes known to healthcare providers. These directives only take effect if you are alive, and therefore have no effect on your affairs after you die.”
A last will and testament reflect the wishes of a person who dies and directs where their assets and possessions should be distributed.
Mr Haiman said another myth to address is that a will should only be written when a person is of advanced age or sick or is only applicable to the wealthy. “A will is needed irrespective of whether you are young, old, sick, famous or rich. You have no way of knowing what the future holds. Like all the estate planning documents, people should have them in place before you actually need them.’’
He added: “Young and healthy adults need a will and an estate plan (power of attorney, medical power of attorney, HIPPA form, advanced medical directive, etc.) . A will clarifies where and who should inherit your property and helps prevent family conflicts from arising after you die. Unfortunately, some people die young, so there is no excuse not to have a plan in place. The more detailed and clear you are with your estate plan, the less likely your family will have problems if you become incapacitated or when you die.”
Sticking to one will throughout your life is also not advisable. “It doesn’t reflect changing times, lives, finances and relationships. Second, you need more than just a will because it is ineffective if you fall ill and become sick; it’s only good after death.’’
“As there’s always the possibility of future illness, injuries or disability, you’ll need documents that allow someone to represent your affairs when you are alive but incapacitated. You need to appoint someone you trust who will make financial and healthcare decisions for you, if you can’t make them yourself.”
Mr Haiman said: “Each estate planning tool serves one or more specific purposes, and many of these cannot be addressed by others. So consider a wide range of estate planning tools to protect yourself during life, and a last will and testament or even a living trust, once you have died.”
The myth that someone can direct their wishes without writing them down is also bogus and unrealistic. “There is simply no replacement for a legally drawn up written will that offers unequivocal directions for a person’s estate to be divested.”
Another misconception is that someone can avoid the probate process if they make a will. “A last will does nothing to help you avoid probate,” he said. “No matter how simple or complicated your estate is, to be effective and therefore legally valid, your will must be submitted to a probate court after you die. This process ensures the will is legal and that your wishes are enforced.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Fred Haiman
Email: Send Email
Organization: Haiman Hogue, PLLC
Address: 2595 Dallas Parkway, Ste. 100, Frisco, Texas 75034
Phone: 469-529-5502
Website: https://www.haimanhogue.com
Release ID: 89091247
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