"> Do I need an estate plan even if I am not wealthy? - Fineman, Krekstein, & Harris

Do I need an estate plan even if I am not wealthy?

Estate planning accomplishes more than just saving taxes. Even if you do not have a sizeable portfolio, an estate plan is needed to express your wishes and manage your affairs. If you have children, and estate plan is necessary to make sure that your preference of a guardian is expressed and that any inheritance they may have, however large or small, will be properly administered in the child’s best interest.

Additionally, your estate planning documents will serve to express your wishes when you cannot. If you become incapacitated, your power of attorney will enable your designated agent to manage your affairs while you are unable, without having to first obtain a court order. Even if you do not have a large estate, executing a will ensures that your estate will be administered by individuals chosen and trusted by you and that your assets will go to your desired beneficiaries, not those required by statute.