And a state plan sounds like something that only wealthy people need to pass on millions of dollars in money and assets to their beneficiaries when they die. It is true that estate planning can benefit wealthy individuals, but what can it do for everyone else?
The lack of information surrounding who can benefit from an estate plan may contribute to the fact that more than half of American adults do not have one. So, who really benefits from an estate plan?
Should you get an estate plan?
Estate plans offer more services than designating beneficiaries. A thorough estate plan allows a testator (the person who makes it) to appoint a power of attorney for themselves, a guardian for their dependents, create a health care directive to specify their medical wishes and create trusts to help control how their beneficiaries receive their inheritance.
You do not need to be wealthy to benefit from an estate plan. With proper planning from an experienced attorney, anyone can benefit from creating an estate plan to protect their wishes and their families. Because there is no telling what tomorrow may bring, now is always the best time to start creating your estate plan.
Begin preparing today
If you already have an estate plan and it has been several years since you created it, make sure you review it. Your current wishes may not reflect the wishes of your estate plan from several years ago.
Whether you already have an estate plan or if you need to start making one, do not wait another moment to get started on putting your wishes into a legal document that your friends and family can turn to when they need it.