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Don only wealthy people need estate planning ?

April 26, 2017estate planning people wealthy

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Don only wealthy people need estate planning ?

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The answer is a strong no. Estate planning is for most everyone. Don’t let the name “estate” fool you. Estate planning is part of a process. Many people also refer to it as asset protection. We like to call it “Life Planning”. Estate planning does not discriminate upon income levels.

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No, literally everyone needs some form of estate planning. Through estate planning done by a lawyer, a person creates certain legal documents such as a power of attorney, designation of health care surrogate, will, or trust, in which the person expresses his or her wishes with regard to the person who will manage his or her affairs and property in the event of incapacity and who will receive his or her property after death. Estate planning can range from the very simple to the very complex, but everyone needs it.