Estate Planning is for the rich

Estate Planning is for the rich

When people think of Estate Planning, what pops up in their minds is a wealthy family with a lavish home and wealth passed down from generations. A common misbelief that has stopped many people from entering the process, thus putting oneself and their families at risk. Estate Planning plays a vital role in financial planning which helps one plan for the present and the future. Although Estate planning does have an impact on the wealthy, it impacts those with minimal means also. It acts as a tool that helps one accomplish their wants and desires.

Debunking the myth

It is imperative to debunk the common disbelief that Estate Planning is only for the rich. Many believe that if their estate is not big enough, they would not require any planning. In truth, no matter how much or less one possesses, Estate planning is essential. Estate planning can be a very simple and reasonably straightforward process if done the right way. An estate plan helps one manage their finances and assets; it allows one to make decisions that they desire, also they get to decide the distribution of their assets after their death. Uncertainty of the future is a good enough reason to give Estate Planning a chance. An individual with no family or possessions also should invest in it, as it will help answer all questions to one’s satisfaction.

Estate Planning is for all

Estate planning safeguards one’s children, partner, and other family members from legal battles, unnecessary taxes, potential loss of assets, and delays in courts. Income levels or tax brackets are no benchmark for Estate Planning. Paying bills and living expenses can be complicated for one’s family after an unexpected death. Estate Planning can save one from financial ruin. An estate plan helps avoid Probate, which can be expensive at times. It saves one’s family from making difficult decisions. It also benefits one while they are alive, Estate Planning makes one eligible for healthcare facilities like Medicare. In case of an accident, an attorney and healthcare decisions can make things easier. Even if one does not possess a million dollars, it should not stop them from making a difference to the world; an estate plan also helps one support charitable causes.

Estate Planning for the Young and needful

A person in his/her 20’s is likely busy paying off student debt or looking for better jobs and has not yet paid much attention to Estate Planning. As life is unpredictable one should always be ready with a plan to save time later. Estate Planning gives one the authority to handle their financial and healthcare decisions like bills and loan payments. This is particularly important if one gets into an accident or becomes sick. Having the right plan and documents in place helps take care of medical needs such as under what conditions one would want to live on life support. This can save one’s family from hassles. One gets to decide whom their assets go to. It could save one’s parents from the probate process and help them get all assets.

One may think they do not have much, but they should be the ones to decide where it goes. Family fighting over property is not a pleasant sight to behold. Therefore it is essential to decide beneficiaries and entitle them financial accounts. It doesn’t have to be an expensive deal for the young and needful; a few documents and the right guidance can help save time and money.

Things to consider while Estate Planning

There is a list of things that should be considered during Estate Planning. A Will or a trust which many associate with the rich is a wrong assessment. Even if one does not have significant assets, they should have a Will as it is the main component of an estate plan. It ensures the distribution of the property according to one’s wishes. 

Secondly, it is best to appoint an agent or an attorney who can take decisions when an individual is unable, failing to do so, the decisions go to the court and can be against one’s wishes. Maintaining a beneficiary and a contingent beneficiary is also essential so that one’s possessions can be passed to those whom they desire. Besides this, a letter of intent also plays a vital role in deciding which asset should be given to whom. Individuals with children should also choose a guardian who is willing to raise children, in the absence of the guardianship designations the court decides whom the children will live with.

An individual with any assets should consider Estate Planning. Without one, there will be too much at stake. Protecting one’s family should be the top priority no matter how rich, or poor one is. 

Table of Contents

Disclaimer:

The information provided in this blog post is for general informational purposes only. All information on the site is provided in good faith. However, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on the site.

Under no circumstance shall we have any liability to you for any loss or damage of any kind incurred as a result of the use of the site or reliance on any information provided on the site. Your use of the site and your reliance on any information on the site is solely at your own risk.

This blog post does not constitute professional advice. The content is not meant to be a substitute for professional advice from a certified professional or specialist. Readers should consult professional help or seek expert advice before making any decisions based on the information provided in the blog.

aeecorp.net alianda.net giftsandflowersdelivery.com capnken.com chadgill.com mdkchild.com oconeefps.com vegchip.com localdentistnj.com pedare.org rushcover.com 10-10ths.com abvakabo.net personalattorneynewjersey.com graficas.us csteefel.com oqprogram.com hogchow.com nearmepersonalinjurylawyer.com exotechs.com slawson.net kengunn.com cosmeticdentistrybk.com dentistnearmetoday.com thescinc.com sensney.com porcelainveneersbrooklyn.com guyjamm.com actslab.com iklanpr.com dudedog.net jongery.com frogetha.com mayieka.com tahoerf.com namekeg.com skytudor.com digacomp.com elyrical.com abacobeachdivecenter.com zamichow.com fernworx.com rozei.org herzstein.org noniene.com webtvdoc.com arenauk.org omniali.net oolitic.net slimlife.org sentrabd.com gladych.com petrifiedtoad.com sourebh.com nslijhs.com tgspider.com lektura.org demycom.com ospreyam.com antacids.net mywebpad.com mvscrew.com lowellmovers.net gotshui.com locallawyerblog.com unimarts.com misrasi.com locallawyersnj.com alum-tek.com ubertor.net dental-aed.com medicalmalpracticeattorneybronx.com dentistnearmebronx.com defwords.com gocamden.com amprose.net mcamics.com webboss.org virdiusa.com medicalmalpracticelawyerbronx.com divinev.com lawyermarketingmiami.com nearmepersonalinjurylawyers.com medicalmallawyersbronx.com allaxion.com lphilton.com osaruman.com jaxguide.com thecall.net cssvoip.com bcsgifts.com plastron.net dentistnearmestatenisland.com popeafb.net bestbrooklynattorneys.com mrshines.com nearmeattorney.com dentistnearmequeens.com localseolawyers.com whysdmi.org lowratescarrental.com sjwalter.com dentalbrooklyn.net wofsmail.com spgurley.com omalawyers.com etalgom.com gmzbuyers.com cadsteam.com ewgapdx.com theellen.org jdevien.com booksavy.com dentalbrooklyn.info avitexas.com ebizthai.com localseodental.com castsoxs.com vr5xs6yh.com ridemoor.com brooklynadvanceddentalcare.com escorts-nyc.net personalinjuryattorneysnjs.com fastpawnonline.com toothimplantsbrooklyn.com rootcanalbrooklyn.com mearabia.com togtouch.com epcdaily.com timesfcu.com lawyersbk.com vaianisi.com cybewire.com giftsandflowersdirectory.com mooredns.com dentistnearmenewyork.com gp-beautysalon.com oxadrine.com boxsteps.com 3bliving.com psychdog.us foralbum.com eurofixpaintingandtile.com dentistrybk.com arielber.com akatonia.com ilcorail.com elitepersonalinjuryattorneys.com dentistnearmebrooklyn.com famsvane.com dentallabny.com nearmepersonalattorneys.com teethwhiteninginbrooklyn.com dentistnearmelongisland.com moversframingham.com mydentistbrooklyn.com colacake.com paradiselocksandkeys.com carsfile.com solapnet.com ausburyparkmovingcompanies.com depsites.com nearmedentals.com homeinhb.com joeyspcs.com locallawyernyc.com icubeweb.com avifiles.com dentistbk.com regismfg.com bencamel.com playkiwi.com hosearch.com fondaciocanada.org click2classic.com nearmepersonalinjuryattorneys.com invisalignbrooklyn11229.com toothextractionbrooklyn.com locallawyersny.com siyangbi.com eriefsbo.com teserint.com gaiacred.com bigapplegoldbuyer.com homeimprovementgeneralcontractors.com tofuclan.com funeatin.com soldrite.com siyiyoga.com getmilko.com myhelong.com nearmepersonalinjuryattorney.com walibris.com etard.net arkrocks.com pansdora.com limmudtr.com lungsusa.org golisters.com newyorkaccidentslawyer.com greytblog.com ovolaw.com medicalmalpracticeattorneysbronx.com electionreceipt.com depsites.com opasm.org rcadss.com lamassio.com personalinjuryattorneysnys.com funemoney.com benramon.com izandoli.com leicsvle.com busiwebs.com coolnewt.com jrhome.org affirmers.org pvbgc.org localattorneynj.com sehah.org xtcplace.com djonfire.com epaops.org hometheatermiami.com peelseek.com jandavidson.net nappyboyent.net nygot.com ziggs.org uniquedayspa.net vistamro.com pdmanewengland.org ewanrose.com lawyersconsult.com grovepto.org disfilca.com artmystic.com ocany.org quarkpark.info paingold.com tactfoot.com marmasse.com iddmiami.com cdstrees.com lostel.com itxoft.com sparltech.com
On Key

Related Posts

Trusts and Wills
Federal Law

Understanding Trusts and Wills

Introduction to Trusts and Wills Trusts and wills are crucial components of estate planning, serving distinct but complementary roles in managing and distributing an individual’s

Read More »