Estate Planning Firm Haiman Hogue Debunks Myths Surrounding Trusts, Wills And Passing On Your Inheritance – Arlington, TX

Leading estate planning attorney Guy B. Garner, Senior Attorney at Haiman Hogue PLLC in Arlington, TX reveals misconceptions around wills and trusts that keep people from the estate planning process. For more information please visit https://www.haimanhogue.com

Arlington, TX, United States – May 29, 2021 /MM-REB/ —

In a recent interview, estate planning attorney Guy B. Garner, Senior Attorney at Haiman Hogue PLLC in Arlington, TX revealed that myths and misconceptions around wills and trusts often keep people from engaging in the estate planning process or lead to people making unnecessary mistakes at a crucial time in their lives.

For more information please visit https://www.haimanhogue.com

He went on to highlight and demolish five misconceptions – including that wills and living wills are the same thing, only the elderly and sick need estate planning, and that people don’t necessarily have to write a will.

“There is confusion when it comes to what the difference is between a will and a living will,” said Garner. “While the two estate planning documents have similar names, they serve entirely different purposes.”

A living will is a legal document that is part of the Advanced Directives, which exist in anticipation of someone losing their capacity or ability to communicate. Advance directives allow you to make choices about who will make decisions over your healthcare, and possibly who you want to take care of your children.

“It directs what healthcare you wish to accept or refuse, and make your wishes known to health care providers. Living wills only take effect if you are alive and have no effect on your affairs after you die.”

However, a last will and trestament is drawn up to reflect the wishes of a person who has died, and directs where their assets and possessions should be distributed to.

Another myth is that a will should only be written when you are of advanced age or sick and is only applicable to the wealthy. “Everyone needs a will, no matter how old they are or how much money your have. None of us know the date and time that God is going to call us home, so we better be ready.”

“Young and healthy adults need a will and an estate plan. Unfortunately, some people die young, so there is no excuse not to have a plan in place,” he commented. “A will clarifies where and who should inherit your property. If you want to prevent family conflicts arising after your death, then write it down and be clear with an estate plan.”

He added: “A will is needed irrespective whether you are young, old, sick, famous or rich. You have no way of knowing what the future holds.”

Garner advised: “Sticking to one will throughout your life is not advisable. For one, it doesn’t reflect the changing times, changing lives, changes in finances or your changing relationships. Second, you need more than just a will because the will is not effective if you fall ill and become sick, it’s only good after death. Because 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.”

“Each estate planning device serves one or more specific purposes, and many of these purposes cannot be addressed by other tools. So people need to consider a wide range of estate planning tools to protect themselves during life, and a last will or even a trust, once they have died.”

Equally, the myth that someone can simply direct their wishes without having them written down is both bogus as well as completely unrealistic to real life. “In some US states, oral wills do exist but they are limited and complicated. There is simply no replacement for a legally drawn up written will that offers clear and unequivocal directions for a person’s estate to be divested,” Garner emphasized.

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. No matter how simple or complicated your estate is, your will must be submitted to a probate court after you die. This process ensures that the will is legal and that your wishes are enforced,” Garner concluded.

Source: http://RecommendedExperts.biz

Contact Info:
Name: Guy B. Garner
Email: Send Email
Organization: Haiman Hogue, PLLC. – Arlington, TX
Address: 690 E Lamar Blvd #115, Arlington, TX 76011
Phone: 817-261-5222
Website: https://www.haimanhogue.com

Source: MM-REB

Release ID: 89018674