Every person needs estate planning, regardless of the amount of assets they have. Many people mistakenly think that estate planning is only for the wealthy, but it is important for everyone.
Estate planning gives you peace of mind knowing that you have provided for your loved ones at your death. Preparing an estate plan allows you to make sure that when you die your money and property are distributed pursuant to your wishes. Estate planning allows you to minimize any estate taxes that may be imposed by the federal or state government and avoid or simplify the probate process.
But estate planning involves more than disposition of your assets upon your death. Estate planning also includes understanding your options, making informed decisions, and ensuring that your wishes are known in case of untimely death or incapacity.