There are a number of common misconceptions about the estate planning process, but by far the most common one is this: That estate planning is something you do once you accumulate a lot of physical assets; in other words, that estate planning is purely for the very rich.
How Everyone Can Benefit from Estate Planning
Certainly, those who are more affluent may have more complex estate planning needs—yet the estate planning basics apply to everyone. For example, even if you’re not wealthy, you still need to have a will in place, which can:
- Include directions for any property transfers;
- Name the people who will serve as guardians of your children;
- Offer directions on paying off your debts, taxes, or funeral expenses—minimizing the burden left on your family.
And a will is just the beginning. Health care directives—which provide instructions for what’s to be done should you ever become incapacitated, or in a coma—also fall under the estate planning process. These are applicable to everyone, regardless of wealth.
Likewise, even those who are not especially wealthy might still designate beneficiaries for themselves, ensuring that the right person is able to claim their life insurance policies, retirement account assets, and more. You should never just assume that these things will go to your closest family members; without a will and a trust in place, they’re more likely to end up in probate court, which can be grueling for all involved.
There’s No Reason Not to Have an Estate Plan
As you consider the ways in which estate planning can benefit you and your family—whether you consider yourself to be particularly wealthy or not—make sure you get the expert guidance you need. Reach out to Singh Law Firm and our experienced estate planning attorneys to learn more.
Schedule an estate planning consultation with Singh Law Firm today.