Debunking The Top Myths About Trust Planning

Debunking The Top Myths About Trust Planning

Estate planning is a very important part of life. Even after knowing this fact, estate planning is something that almost everyone procrastinates about. They keep delaying it for some or the other reason and then rush to get everything done when it is too late. 

One important part of estate planning is a Trust. A living trust helps you avoid probate and maintains your family’s privacy. However, there are various misconceptions about it. If you need to satisfy your curiosity about trusts, consult trusts planning attorney San Antonio today. 

Debunking the top myths about trust planning 

  1. Trust planning should be done at an elderly age. 

Because trust planning is associated with death, most people think they can delay it until they are old. Other people think they should start planning when they have enough in their estate. However, both of these practices are wrong. 

Trust planning is for everyone who earns an income, no matter how small the amount may be. Incapacity and death can happen anytime, and they do not always come with a warning. Failure to have a valid trust can leave your family confused about who should get what. 

  1. Trust planning is too time-consuming. 

Thanks to the mainstream media in San Antonio and perhaps stories from the prior generations, people of this age have come to believe that setting up a trust is a lengthy, painful process. Although this may have been the case in the past, advanced methods have sped up the process. 

Moreover, hiring the right attorney will help you get with it before you know it. Your attorney will handle most of the complex work while you can focus on things that are more important. 

  1. Living trusts are only meant for the wealthy. 

This is probably one of the most widely believed misconceptions. However, it could not be further from the truth. It is true that many wealthy people set up funds, but that does not mean average earners or low-income families cannot do the same. Many average earners have said that trust planning has proved to be significantly advantageous for their families. 

  1. Your family can split up assets without your help. 

If you think your family members are sensible enough to split up assets without advance planning, think again. It is good that you trust your family with something as important as this, but conflicts can arise when money is involved. 

Moreover, there might be assets with sentimental value that more than one family member may want. You do not want your loved ones to deal with a conflict when they are still grieving over you. 

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