Estate planning: Not just for elders and the rich

I’ve been thinking about common myths about the estate planning process (creation of wills, powers of attorney, living wills, trusts, and the like), and I’ll be blogging about those myths for the next few entries.

The first myth I want to tackle is that estate planning is only for the wealthy or the elderly. It is true that estate planning for rich people is somewhat different than estate planning for folks of more modest means. However, estate planning is mostly about making sure you, your spouse, your children, and your other dependents and loved ones are taken care of in the event of your death or disability.

Estate planning is about giving peace of mind to anyone who might become seriously ill or die. In other words, a good estate plan is a necessity for everyone — at least everyone who has loved ones who would have to pick up the pieces in the event something bad happened.

Neither age (at least for adults) nor wealth should be an important determining factor in whether you should get an estate plan. Instead, think about what would happen if you became seriously ill, injured, or died. If the answer is that you don’t know what would happen, it is time to talk to your attorney.

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