When many people hear the phrase “estate planning,” they presume that it doesn’t apply to them. These individuals quickly conclude that they lack the assets necessary to warrant estate planning. In fact, estate planning is for everyone who has a desire to leave things to loved ones when they pass.

Estate Planning: It’s Not Just About Dollars and Cents

Even individuals with a minimal amount of assets will likely have some idea where they want this property to go when they die. In some cases, a person will confide in someone they trust, telling that confident what they want done with property when that person passes away.

In the final analysis, telling someone else what a person wants to see happen with property upon that individual’s death just doesn’t cut it. The confident is under absolutely no legal obligation to carry out these wishes. Although there may be a moral or ethical obligation, that simply is not enough to ensure the appropriate distribution of assets at the time of death.

In other words, a person cannot simply say “I don’t have much, and I’m sure so-and-so will follow my wishes.” A person in such a position must take formal steps to ensure property goes where desired upon death.

Estate Planning from a Legal Professional

Although a person with significant assets may require a complicated estate plan, someone of modest means does not. There are some straightforward – and affordable – options available to a person who is most interested in ensuring that prized possessions end up in the hands of the intended individual. In many cases, when taxes are not a prime consideration, this objective can be accomplished through a last will and testament.

An estate lawyer can schedule an initial consultation to discuss the specific options available to a person with a more modest amount of property. There typically is no fee charged by an estate attorney for this type of meeting.

Through an initial consultation, an estate lawyer will also lay out what the creation of a last will and testament is going to cost. Typically, an individual who desires to make sure his or her wishes are met after their passing finds the cost associated with the proper preparation of a will to be a most reasonable investment – an affordable option. In the end … estate planning really is for everyone.