An estate plan—regardless of income—is essential for everyone over 18. Estate planning isn’t just about wealth or taxes. A thoughtful plan protects your health, assets, and family. Let’s take a look at the Top 5 reasons you need an estate plan:
Managing and Distributing Assets
No matter how much you own, your assets should be managed if you become incapacitated and passed on according to your wishes. A solid estate plan provides the documents to make sure your home, finances, and personal items go to the people you choose.
Health Care Decisions
If you become unable to speak for yourself, who will make medical decisions on your behalf? A comprehensive estate plan names a trusted health care agent and includes advance directives that outline your wishes. This takes the pressure off loved ones and keeps your voice in the room.
Avoiding Probate
Probate is the court process of handling your estate—and it can be time-consuming, expensive, and public. Proper planning helps your family avoid legal delays and fees, and keeps your financial matters private.
Protecting Non-Probate Assets
Some of your most important assets—like IRAs, life insurance policies, and retirement accounts—don’t go through probate. These pass directly to your named beneficiaries. Your estate plan should include a review of these designations to ensure they reflect your current wishes.
Planning for Digital Assets
Your digital life matters too. From email accounts to photo storage to cryptocurrency, your digital assets can hold both value and sentimental meaning. Your plan should include instructions for how these should be accessed and handled when you’re gone.
For parents – estate planning also appoints guardians for minors and dependents to ensure continuation of care.
For business owners – estate planning also provides succession plans to ensure your family receives appropriate business interests while protecting any co-owners and ensuring the business stays intact.
Contact Triangle Estate Lawyers today to begin your estate plan—regardless of income or net worth. Learn more about our estate planning services.
