The answer is unequivocally, a yes! Everyone can benefit from some type of an estate plan, no matter how little you believe your assets may be. To be honest, if you have a bank account, own a home or have small children, that’s reason enough to have an estate plan.
An estate plan is the process of arranging, managing and disposing of your assets while you are alive and after death. An estate plan can consist of simply naming a beneficiary to an asset, a simple power of attorney (POA) or health care directive, all the way to drafting a trust to benefit generations to come. These documents can help you manage your financial affairs and make your necessary healthcare decisions while you are alive.
It’s important to know that if you do not create your own estate plan, your state will provide one for you through the state statutes, like it or not The court will even appoint someone to make health care and financial decisions for you in case you are unable to. That is why it is important to have a plan in place. So, get an estate plan today and get your affairs in order.