I cannot say this enough – estate planning is not just for the wealthy! Americans of all ages and income brackets can benefit from having a properly drafted estate plan.
Single, without Children
Even if you are single without children, you need an estate plan. Your plan should include a will, power of attorney, and healthcare surrogate, just to name a few important documents. This will ensure that if you become incapacitated or pass away, your affairs are taken care of.
Importantly, a power of attorney and healthcare surrogate will give a trusted friend or family member the ability to help you if you become incapacitated.
Parents of Minor Children
All parents should have an estate plan written by a local attorney. Their estate plan may include a will, power of attorney, and preneed guardian declaration for their minor children. This should be in place, regardless of the parent’s income levels. While no one wants to think about prematurely passing away or becoming incapacitated, it is important to plan for such a possibility.
As parents, we do everything in our power to protect our children while we are here with them. Ensuring you have a proper estate plan in place will help protect them in the future.
Estate Planning Is Not Just for the Wealthy
While estate planning is not just for the wealthy, it is true that those with more assets and income will need a more comprehensive estate plan than others.
If you need to draft an estate plan from scratch or revise a current estate plan, contact a local attorney today. At Wildoner Law, PLLC, we offer virtual meetings and electronic access to your files. This helps us to work together to efficiently create a plan perfect for your situation.