Do I Really Need an Estate Plan If I Do Not Own Much?

 Posted on September 17,2020 in Estate Planning Blog

Many people assume that estate planning is for the rich or for those nearing the end of their life. Is this really true, though? Does everyone need to create an estate plan, or is it just for certain people? Is there a correct time to start? Or are these just common misconceptions that get in the way of planning for the future? At our firm, we are here to help you better understand the purpose, intent, and timing of estate planning, and why you should consider creating one, regardless of your income level.

Not Just for the Rich

Despite the misconception surrounding estate planning, the process is not just for those that have a lot of money, property, or assets to leave behind. In fact, even those with relatively few assets can benefit from estate planning. There may be family heirlooms or sentimental items that your children or other heirs want. You may have final expenses, and you will almost certainly need someone you trust to close out your bank accounts, social media accounts, or other personal accounts. Additionally, if you have young children, it is important that you name a guardian for them to ensure they are raised by someone you trust.

No Time Like the Present

Waiting around to complete your estate plan is not a good idea. After all, tomorrow is not guaranteed, and the unexpected could literally occur at any time. Regardless of your age—be it 18 or 86—you should consider creating an estate plan now. While you are of sound mind, you can and should make decisions about whom should take care of your final matters, get your personal items, take guardianship of your children, and make medical decisions for you in the event that you become incapacitated in the future.

Avoid the DIY Route

Often, when people learn that it is a good idea to start their estate plan now – not just when they are old – and that they do not have to have money to create one, they turn to do-it-yourself options, many of which can be found on the internet. Unfortunately, this is not always a good way to create an estate plan. Laws vary from state to state, and there may be provisions that need to be made that are not considered in a DIY plan. Further, the guided assistance of an attorney can help ensure that you have effectively addressed all of your concerns instead of the few listed on a standardized online form.

Contact a DuPage County Wills and Trusts Attorney

If you are ready to begin planning for the future, or if you have additional questions about estate planning in Illinois, contact an experienced Lombard estate planning lawyer. Call A. Traub & Associates at 630-426-0196 and schedule a confidential consultation today. We will help you analyze your situation and assist you in selecting the right estate planning tools for your unique circumstances.

Sources:

https://www.fidelity.com/viewpoints/personal-finance/do-you-need-an-estate-plan

https://www.thebalance.com/top-reasons-why-you-need-an-estate-plan-3505444