Is estate planning beneficial if there are limited assets to consider?
Spokane, WA |
Very few assets and the family home. One heir. Is estate planning worthwhile and what are the benefits, if any? Is it a misconception that only a person with a large estate benefits from estate planning?
With proper Estate Planning (let's say a Living Trust Estate Plan) you'll not only avoid Probate but also Conservatorship. In addition, with a Power of Attorney for Health Care, you can appoint one or more persons to make Health Care decisions for you if you can't (i.e. if you're in a coma for example), and you'll be to use a Pour-Over Will as a 'safety net' to handle any assets not already in the Trust. Finally, you'll be able to use a Physician's Directive on Artificial Life Support (also known today as the Advanced Health Care Directive). It is definitely worth it. See Avvo.Com under Find-A-Lawyer. Good Luck!
It is a misconception that only those with large estates benefit from estate planning. This is especially true if there is real estate involved.
The other misconception about estate planning is that it is only about planning for the financial part of one's life. Planning for health care, powers of attorney, and Medicare/Medicaid are also crucial parts of estate planning.
I hope that helps.
This posting is for informational purposes only. It is not legal advice, nor does it establish an attorney-client relationship. For more information, please visit www.justinelderlaw.com.
Yes, it is a misconception that only a person with a large estate benefits from estate planning. A will allows you to give items of personal property to specific individuals. Also, in situations in which there are young children, an estate plan can designate who the parents would like to care for them in their absence.
Estate planning is important to everyone. It enables you to determine to whom your property will go, rather than leaving it up to the intestacy laws of the state where you live. If done properly, it may reduce the costs of transferring the property to your heirs and may reduce the probability of your heirs fighting among themselves about you or your estate after you are gone. It is also important for everyone to have in place financial and medical powers of attorney so that, in the case of the former, someone can handle your financial affairs if you are not able to, and in the case of the latter, someone can make medical decisions on your behalf if you can't communicate your wishes. Estate planning does does cost money, but there are many experienced attorneys who offer reasonable pricing terms.