I’m Not Made of Money: Do I Need an Estate Plan?

Last updated on: May 4, 2022

Do I need an estate plan if I’m not rich? This article explains why you should create one now.

Contrary to what many people think, estate planning is not reserved for the wealthy. Even if you do not have an extensive list of assets, you still need to create a plan that determines what will happen to your property after you are gone. Without one, you could be putting your estate and your loved ones in a complicated situation.

These three reasons show why you need to have an estate plan, no matter how rich you are.

Do I need an estate plan? 3 reasons the answer is yes.

1. Protect your loved ones.

Without an estate plan in place, your assets will go through probate court, which could designate beneficiaries who you never intended to leave an inheritance. An estate plan puts control into your hands.

In some situations, leaving assets to a family member can even be harmful. For instance, if you have a child with a history of addiction, giving them unrestricted access to funds could lead to serious problems. Setting up a trust in their name and appointing a family member or friend as the trustee could ensure that your child has what they need without risking their health.

If you have young children, you also need to consider who will take care of them if you are no longer able to raise them. Naming a guardian is an essential part of estate planning for young families.

2. Plan for your health and finances.

If you’re still wondering, “Do I need an estate plan if I’m not rich?” you should know that estate planning is not only about distributing assets. It’s also about naming others to make important decisions in your place. Do you know who will make decisions about your medical treatment if you are incapacitated? What about decisions regarding your finances? Part of your estate plan should address these concerns.

3. Don’t leave a mess behind.

Most people don’t want their family members fighting over their possessions when they pass away, but conflict is a common part of distributing assets when there is no estate plan. Even if your assets are not worth a lot, they might hold significant sentimental value. Do you have a special piece of furniture that you want to pass on to a specific family member? Creating an estate plan now will ensure that all your family heirlooms go where they are supposed to go, which can reduce the opportunity for conflict.

Get the estate planning answers you need from a qualified attorney.

Even if you don’t own a lot of assets, you still need to plan for the future. If you are ready to discuss your needs with an experienced attorney, set up a meeting with Whitney L. Thompson, Esq., today. Call (979) 318-5079 to get started, so you can protect your estate and your family.

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