Estate Planning

Who Should Have An Estate Plan

Many people don’t know they have an estate, and even more don’t believe that they should create an estate plan. If you are unsure, you can read here to learn what an estate technically is, as well as who should have an estate plan.

You may wonder who should have an estate plan, and you may also wonder if you fit into this category. If you think you do not have an estate, you may want to think again. Your estate consists of all property or interests in property that you own, including both real and personal items. This means that even the furniture you own is part of your estate. Your estate also consists of the money you have in a bank or other financial institutions (including any checking accounts, savings accounts, CD’s, etc.). Life insurance, retirement accounts, and more are also part of your estate. This means that anyone who has any of the above (even if it is only personal property) is someone who should have an estate plan.

If your estate has a small value your estate planning may only focus upon who will receive your property after death. However, if you have a large estate, you will need to think not only about who will receive your assets (your personal property as well as businesses, investments, etc.), but you will also need to think of ways to preserve your estate for your heirs. This means that almost everyone—even those who only have the smallest of property to be distributed upon their death—is someone who should have an estate plan.

When planning your estate, you may decide to use an attorney or estate planning professional. Your estate planning attorney can help determine whether you are someone who should have an estate plan or not. To be able to determine this properly, as well as to achieve maximum benefits, the attorney or estate planner will need to know about the property you own and its value. The value of your estate is important in determining whether—and to what extent—your estate will be taxed after your death. They will also need to know your current financial situation and how your financial status might change in the future, particularly after you retire.

As you can see, nearly everyone is someone who should have an estate plan. If, after reading this, you still aren’t sure if you are someone who should have an estate plan, you can consult with an estate planning attorney to determine the true necessity of a plan for your situation.