Estate Planning Only for the Wealthy? Think Again.

Estate planning certainly has major benefits for anyone whose estate is over and beyond a certain point. However, falling for the belief that estate planning is only for the wealthy could end up costing you down the line. It may provide fodder for arguments between your loved ones and confusion after you pass away. Regardless of your income, you can benefit from estate planning and yet, many individuals still don’t take the necessary steps to protect themselves.

An estate planning lawyer may play an important role in helping to change this trend and assist clients with preparing for the future. People across the spectrum of wealth can accomplish numerous goals with proper estate planning. Some of the common goals that people approach the process with, including getting peace of mind that their home and their property is being transferred correctly to designated beneficiaries, protecting family assets in the event of a future divorce and keeping businesses in family hands. No matter the goals that you have, you can accomplish tasks that will address estate planning needs while you are still alive and after you pass away while consulting with an attorney.

Many people also believe that estate planning only has financial benefits. While the most obvious benefits of conducting an estate plan have to do with your finances, there are many other nonfinancial benefits such as naming a guardian for your pets or your children and protecting nontraditional assets like a stamp or gun collection. Since trusts aren’t a matter of public record, you can also gain the benefit of privacy by engaging in the estate planning process.