Bakersfield, California, United States - May 30, 2022 —
Myths surrounding estate planning can cause unnecessary delays, create family rifts and final wishes not adhered to, Elderlaw Attorney Robert Brumfield said this week.
For more information please visit https://www.brumfieldlawgroup.com
The Founder of the Law Offices of Robert H. Brumfield, P.C., in Bakersfield, CA., highlighted misconceptions surrounding estate planning, such as estate planning is only for the rich and that retirement accounts and insurance policies are not included in wealth portfolios.
Brumfield hopes people will take estate planning more seriously by addressing these myths. The goal is to ensure their assets are protected when they pass away or become incapacitated and their wishes are carried out.
He said: "Estate planning is for everyone irrespective of how much money they have. Unfortunately, many put estate planning off as they either believe it doesn't affect them, it's too early to consider, or don't want to contemplate what happens when they die."
Brumfield emphasized: "Both life insurance and retirement accounts, such as 401ks and IRAs, which are a vital part of a person's wealth portfolio, need to be incorporated in any estate plan."
Once someone has passed away, their assets will be handed to beneficiaries. But there are specific rules regarding beneficiaries that need to be navigated. Failure to do so can have regrettable consequences.
"Estate planning has legal structures to safeguard a person's assets and assigned beneficiaries. Without these, their wishes may not be met," he said.
Estate planning can also be held hostage to fortune and family, and muddling through DIY-based plans could leave someone worse off. "Where family and money are intertwined, it can become problematic as there's a misguided belief that trusted loved ones will make the correct decisions about an estate," he asserted.
Brumfield advised: "Estate planning is not something to do on your own as many assume the process assigns an executor to oversee a will and a trustee to manage a trust. A robust plan considers many possible life events and, done right, can guarantee you and your family are protected for all eventualities."
source: http://RecommendedExperts.biz
Contact Info:
Name: Robert H Brumfield
Email: Send Email
Organization: Law Offices of Robert H. Brumfield, P.C.
Address: 1810 Westwind Drive, Suite 100, Bakersfield, CA 93301
Phone: (661) 416-3735
Website: https://www.brumfieldlawgroup.com
Release ID: 89075810
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