Estate Planning Myths Explained
September 1, 2010
Gina M. Barry, Esq.
Certain ideas with respect to estate planning are widely accepted, yet unfortunately, inaccurate. This article will reveal and explain the most commonly stated estate planning myths.
Myth #1 – “If I have a valid Will, my estate does not have to go through probate.”
Many people believe that having a Will means that their estate will not have to be probated when they pass away. A Will is a document that, in part, gives instructions as to the distribution of the assets in the decedent’s probate estate. The assets in the probate estate are those assets that are held in the decedent’s name alone that do not have a designated beneficiary. Thus, whether or not probate is needed is not based upon whether or not the decedent had a Will; rather, it is based upon how the assets are owned by the decedent. If the decedent left probate assets, ...
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by: Gina M. Barry
Prime
September 2010
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