When people talk about “Estate Planning,” they often think it is only for the wealthy. We believe that most people are living with the misconception that they don’t have much, so they don’t need a will or estate planning. What you have might not be much to you but may be much to someone else. You have worked long and hard for your possessions. Whether it be a car, co-op apartment, or portfolio of skyscrapers, these are your assets, and you should have a say in who gets them.

Rich or poor, we all will die someday, and nobody will take their estate with us, right? Now, would you want the courts based on state law, to decide who will own your house, car, furniture, and other investment after your death? We think most believe in having a say! We believe that a proper estate plan can give you a voice while making a pass-through of assets less complicated for your loved ones. Also, remember that estate planning isn’t just about planning for death; it is also about planning for life, and this part of estate planning must be forgotten or ignored.

I’m not rich; do I still need estate planning?

Yes! The biggest misconception about estate planning is that it revolves around people who have accumulated significant wealth or many assets. We start with the basics when we speak to our clients about estate planning. For example, do you have children under the age of 18? If the answer is yes, then you need estate planning. What will happen to your minor children if you and your spouse are no longer around? Who will take care of your underage children? By creating a Will, you can designate a legal guardian for your minor children who will be responsible for their up bring and welfare if you are no longer around. Don’t you want a say in who that person will be?

Rich or poor, be it a savings account with 20,000 dollars in it or three brownstones that you own, planning for life is essential. Estate planning is not just about passing on assets to the next generation but also about who can make medical or financial decisions on your behalf if you cannot do it yourself. In a good estate plan, there is something called a healthcare proxy which allows the person of your picking to make medical decisions on your behalf, and a durable power of attorney which allows a person to make financial decisions on your behalf. If one day you start to suffer from dementia, don’t you think having these documents in place will be helpful?

If I am not wealthy, what are the benefits of having an estate plan?

We know that this question mentioned above crosses many people’s minds. Many people say that they aren’t wealthy, have no estate, and have no property, so why do they need estate planning? However, you must understand that planning for the future is essential. In life, there are many unforeseen circumstances; hopefully, with a good estate plan, you will be able to cover and plan for some of them.

• By creating a Will, you can appoint a legal guardian of your choice for your minor children,
• By creating a healthcare proxy, you can empower someone you trust to make medical choices on your behalf in the event you are in a car accident or with age to suffer from dementia and are unable to make such decision on your own,
• By creating a durable power of attorney, you can empower someone to make monetary decisions on your behalf if, god forbid, one says you suffer from a stroke or become mentally incapacitated and can’t make them for yourself.
• By Creating Trust, you can create an extra layer of asset protection, safeguarding that which is yours for your loved ones.

As you can see, estate planning is essential for all, and not always is estate planning about sizable assets or wealth. We can choose who, what, where, when, and how our estate will be distributed and utilized in the future today. Don’t you believe you are entitled to a say? Call our office today to set up a free consultation with an experienced lawyer to see how estate planning can best benefit you and your loved ones.