Estate Plans are not just for wealthy people. To ensure that your assets are distributed according to your wishes after you pass from this life, an estate plan is necessary. In many situations, probate costs and estate taxes may be eliminated or significantly reduced, through proper planning.
It’s also important to plan for periods of disability while you are still living, and many people have no such planning in place. Many people go through at least some period of disability during their lives, whether that disability is temporary or permanent. This can result in the need for others to go to Court to have a guardianship established, which can be avoided in most cases with the use of powers of attorney and healthcare directives.
Even if you have an estate plan, it needs to be reviewed periodically to ensure that it still accomplishes your wishes. Laws change and family situations change, so be sure to review your estate plan from time to time.