Estate Planning Is Not Just for the Wealthy

Many people believe estate planning is only for individuals with large or complex estates. In reality, the better questions are much simpler. Do you own real estate? Do you have life insurance? Do you have children? If the answer to any of those questions is "Yes," estate planning matters.

If a life insurance policy does not have a properly designated beneficiary, the proceeds may become part of what is legally considered your estate. That can result in unnecessary delay, added expense, and court involvement. Real estate can raise similar issues. Depending on how property is titled, it may be subject to probate when there are ways to plan around that entirely. In fact, some of the most effective estate planning strategies are designed to allow real property to pass without probate.

Families with children also benefit significantly from proper planning, even if there is only one child. If you have a minor child, an important question is, "Who would serve as that child’s legal guardian if something happened to you?" Without an estate plan, that decision may be left to the court. Thoughtful planning allows parents to nominate guardians and put protections in place that can save children time, stress, and thousands of dollars in avoidable costs.

Estate planning is more than drafting a will. It is about putting a clear and intentional plan in place that protects your family, your property, and your wishes.