Is Estate Planning Only For the Rich?

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Is Estate Planning Only For the Rich?

Estate planning is a generalized plan. In other words, this plan isn’t meant for specific group of people such as the elites, celebrities, or those on Forbes richest list. Estate planning is meant for all, regardless of your background, your race, the assets you own, or your bank account balance.

Estate Planning Is The Best Way To Secure The Future Of Those You Care About

Creating an estate plan is like planning for your future and the future of those you care about. You see, most people believe in this misconception because they lack the proper understanding of what an estate plan is and its benefits.

If you really have an idea of what this plan is, and how beneficial it is to you and your family, you will plan an estate regardless of how poor you think you are.

So, before we move forward, it is best we take a little look at what estate planning entails.

What Does Estate Planning Mean?

Estate planning is not as difficult as most people perceive it to be. In fact, understanding this plan, including the processes involved isn’t difficult.  With the help of an estate planning attorney, you can create an estate plan that mirrors your desire. So when you die, all your assets will be managed and distributed according to your wishes. Nothing will be done outside your wishes if you plan your estate right, and that is why it is important that you hire an estate planning attorney.

So, what is really estate planning?

Estate planning, in the simplest definition, is a plan made to dictate how you wish your assets or properties to be managed, and shared after your death. In other words, it is a plan that speaks for you after death.  So with an estate plan, you can have a say in almost everything regarding your assets after your death. Also, should you become incapacitated, and estate plan can help you put the right plans in place to ensure that you have a say in all matters concerning you be it your medical care, your finances, or legal matters.

Who is Estate Planning For?

Contrary to what most people believe, estate planning is not only for the rich. Saying that estate planning is for the rich, is like saying that a health insurance, or any type of insurance is for the rich alone.

Estate planning is for everyone. I repeat, estate planning is for everyone! Regardless of your net worth, your job, where you live, etc., it is very important that you plan your estate before your demise. If you fail to do the needful and you die, you won’t suffer the consequence, your family will. So if you claim that you love your family, you’ll call an estate planning attorney and plan your estate.

Is This Plan for The Rich Alone?

Estate planning wasn’t designed for the rich alone. If you care about yourself and your loved ones, estate planning is for you. And I am quite sure that everyone care about his or herself and their family. So, basically estate planning is for everyone.

For some people, imagining themselves planning an estate is like purchasing a $20million yacht; which is something only the wealth can do. You may probably believe that estate planning doesn’t apply to you because you don’t own fleet of cars, private jets, houses or estates. This misconception is widespread. But, you see, the truth remains that estate planning is a very crucial part of financial planning designed to secure your future and the future of those you care about. Or do you believe that only the rich have future?

Of course, estate planning has a huge impact on the wealthy, but it can also significantly impact the unwealthy. For instance, if you owns a house, a car, or a business, you need an estate plan. This plan helps you address how, who and to whom you want your properties to be shared to after your demise.

What Happens If You Fail To Plan Your Estate?

Without an estate plan, everything you developed or spent your time and money building could vanish as a result of family brouhaha, delays, probate process, taxes, including other magnanimous expenses. Failure to plan your estate can also affect your family. Contact us  to plan your estate!

DISCLAIMER: The information provided in this blog is for informational purposes only and should not be considered legal advice. The content of this blog may not reflect the most current legal developments. No attorney-client relationship is formed by reading this blog or contacting Morgan Legal Group.

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