It’s Only for the Wealthy
Many people think that Estate Planning is only for the wealthy. They will think that if they only own a home and a few CD’s at the local bank, they do not own enough to engage in Estate Planning. Nothing could be farther from the truth.
If you own anything – you have an estate. You owe it to yourself to plan for the ultimate distribution of this estate when you are no longer here. That means that you are the individual who should decide where your property will go.
The size of your estate may affect what documents you use in your plan. You may not need a Revocable Trust. You still need a plan to assure an orderly distribution of your estate when you pass away.
It may actually be more important for the smaller estate than the very large one. A multi-million dollar estate without a plan will still leave plenty for everyone. If a smaller estate is distributed incorrectly because of no plan, the results have a greater impact.
What you need is a plan – the type of plan and the tools that you use will depend on your goals and needs – but you still need a plan.Linda E. Wasielewski is a solo practice lawyer located in Traverse City focusing upon Estate Planning and Probate Law, providing legal services in Northern Michigan