When we hear the term “estate administration” most of us associate it with wealthy people. It may be due to the common misconception that only wealthy individuals have enough assets to require planning their estate. However, this couldn't be further from the truth. Unfortunately, there are many misunderstandings regarding estate administration that may prevent the service from being utilized by most people. In this blog post, we will discuss some of the misconceptions about estate administration and the importance of estate planning. 

Misconception #1: Estate Planning is only for the Wealthy 

Estate planning is for everyone. It’s not only about protecting assets, it’s about ensuring that your final wishes are carried out and that your loved ones are taken care of. Estate planning can provide you with the peace of mind that your affairs will be in order in the event of your passing. Estate administration is necessary even if you don't have significant assets. Estate planning includes the preparation of wills, powers of attorney and other essential documents. 

Misconception #2: Estate Administration and Probate are the Same Thing 

Another misconception is that estate administration and probate are interchangeable. Probate is the legal process used to authenticate a will. It is also the process used to settle a person's estate. Estate administration, however, is the handling of a person's affairs after they pass away, including the probate process. Estate administration occurs with or without a will. 

Misconception #3: You Don't Need an Estate Planning Attorney 

Estate planning is complicated and requires knowledge of state laws and tax regulations. Without a legal background, it is nearly impossible to handle estate planning on your own. An estate planning attorney can guide you through the complex process of drafting documents and settling an estate. Moreover, an attorney can advise you on the best way to protect your assets and reduce estate taxes. 

Misconception #4: You Can Do Estate Planning at Any Time 

Sadly, a common misconception about estate planning is that it can be done at any time. In reality, you never know when an unexpected event may occur. Therefore, it’s best to plan ahead. Waiting too long to plan your estate can lead to costly legal battles and ruin your final wishes. An estate planning attorney will not only help you plan, but they can also update your plans to keep them current. 

How Estate Planning can Assist You 

Proper estate planning can provide numerous benefits. For instance, estate planning allows you to plan for your future and ensure that your wishes are carried out after your passing. Estate planning can minimize the likelihood of a legal battle, reduce taxes, and provide much-needed relief to your loved ones during a difficult time. Additionally, estate planning allows you to protect your assets and plan for your long-term care if necessary. 

In conclusion, estate administration is essential for everyone, not just the wealthy. Estate planning is not only about protecting assets, but it is also about ensuring that your final wishes are met. Unfortunately, there are many misconceptions about estate administration that may prevent individuals from benefiting from it. Don't wait until it's too late to plan your estate. If you reside in Oklahoma and require assistance with estate administration, please reach out to us here at The Terrell Law Firm. Our seasoned team can guide you through the process and offer you peace of mind.