Estate Planning Not Only Valuable to Wealthy

May 15, 2018 | Estate Planning

Even if you are of modest means, an estate planning can be helpful.

Many people who are not wealthy do not create an estate plan because they feel their families will just work it out themselves. However, families cannot just legally divide everything. Creating an estate plan does not have to be difficult, according to TCPalm in “Everyday estate planning needs certain documents.”

If you do not anticipate having a large estate when you pass away, estate planning can be very simple. You only need a few documents.

You need a last will and testament to direct how any property, not disposed of in some other way, should be distributed. In some states, it is best to avoid the probate process as much as possible.  Therefore, you may want to create a revocable living trust. With a trust, your family can skip costly and time-consuming probate courts. However, in some states, probate is not a big concern.

Finally, you really need some end-of-life care documents, to include a power of attorney and a living will. Consequently, if you cannot make decisions for yourself due to incapacitation, someone you trust can do so for you.

An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances.

Reference: TCPalm (April 11, 2018) “Everyday estate planning needs certain documents.”