In the United States, most people do not have an estate plan. Some reports claim that roughly two-thirds of Americans have not written a will or drafted any other estate planning documentation. When asked why, a full 33% of these individuals claimed that they simply did not have enough assets to pass on, indicating that they believe estate planning is only something for the wealthy.
But in reality, anyone can benefit from an estate plan. It is not something that only wealthy families need to consider.
For example, one of the top reasons for disputes among siblings after a parent passes away is simply dividing assets with sentimental value. These are often family heirlooms and other items that the parents owned while they were raising the children. While these items may not have any financial value at all, the sentimental connection that these adult children have means they still need guidance on how to divide tangible assets.
Other estate planning documentation
Additionally, estate planning is not just about assets to begin with. There are many other types of documents to consider.
For instance, an estate plan can handle future medical decisions. This is often done with a power of attorney, a health care surrogate designation or a living will.
Another example is when new parents use their estate plan to select a guardian for their child. Ensuring that their child has a stable future is important, regardless of how many assets the family has.
Drafting your plan
This helps demonstrate why estate planning is something everyone should consider, regardless of their income level. If you would like to make a plan this year, it can help to work with an experienced attorney.