Estate planning is a way to ensure your assets are distributed according to your wishes after your death. It also lets you determine how your final affairs (such as guardianship of your pets and payment of your debts and taxes) are carried out. Unfortunately, many misconceptions surround this subject. Here are three of the most common myths about estate planning, as well as explanations of how estate planning actually works.

3 Estate Planning Myths

1. A Will Can Distribute All Your Assets

Although a will can oversee how most of your assets are distributed, it doesn’t apply to everything. A will cannot distribute items you own jointly with someone else or items that already have a named beneficiary. For instance, if you own a home in "joint tenancy with right of survivorship" with your spouse, ownership of the house immediately transfers to your spouse upon your death. Similarly, if you have a life insurance policy with a named beneficiary, you cannot transfer it to someone else in your will. You must change the beneficiary in the document itself.

2. Estate Planning Can Wait

Many young people eschew drawing up a will because they feel they have many years before that type of preparation is necessary. However, if you have a spouse, dependents, debt, or even a mortgage, it’s certainly worth taking a few hours to arrange your affairs. Accidents happen, and it’s better to be safe than to risk putting your dependents through financial hardships after you’re gone.

3. You Should Keep Your Will Plans a Secret

Numerous movie and television plots revolve around unexpected revelations at the reading of a will. Be aware that this isn’t common, and surprises in your will aren’t a good idea. Discuss your will with your beneficiaries so they know what to expect. Ask for input. Some friends or family members might be particularly fond of certain possessions you have, and it’s worth taking their feedback into account when you draw up your will. Be direct about your intentions and avoid the possibility of dramatic revelations after you're gone.

For expert legal advice and help sorting out your estate planning needs, contact Ferraro Kruk & Ferraro LLP in Brockway, PA. They serve individuals and businesses in and around Jefferson County. Visit their website to view a map of their location or call (814) 268-2202 to schedule a free attorney consultation.