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Why You Need An Estate Plan, Even If You’re Not Rich

Posted by Dana Law Group on December 16, 2022

As you get older, you are probably thinking about how you want your inheritance divided when you pass away. You may have even heard that having an estate plan can be beneficial. Even if you aren’t rich, you still need to have an estate plan in place. What are some of the biggest reasons why?

Avoid Confusion

When you pass away, what do you want to be done with your property? An estate plan can help you avoid confusion. With a comprehensive estate plan, you can clearly specify who gets what, reducing the chances of a family dispute happening. For example, who is going to get your house when you pass away? If there is a family cabin, who is going to get that? With an estate plan, you can make this process as smooth as possible.

Make Your Wishes Known

Thanks to modern medicine, people live longer today than they ever did in the past. You want to live a long and healthy life, but what happens when your physical and mental capacity starts to deteriorate? You need to specify someone to make decisions on your behalf, and that is where Powers of Attorney can be beneficial. For example, you may want to have a financial power of attorney, or you may want to have a healthcare power of attorney. You never know when an accident or an emergency cervical procedure might be required, and an estate plan can specify who you want to make the decisions.

Save Money

Even if you feel like you are not going to be subject to the estate tax, having an estate plan in place can help you save money. For example, if you don’t have a will as a part of your estate plan, your property may end up in probate court. Even though it might not get taxed, it will be time-consuming and expensive to get those items out of probate court and ensure they are properly distributed. If you work with a legal professional ahead of time, you can stay in control. You can keep your items out of probate court, ensuring your estate is preserved.

Call the Dana Law Group for Help With Estate Planning

Even if you feel like you aren’t wealthy, it is important for you to have an estate plan. An estate plan can specify what you want done with your assets when you pass away, and it can also help you shield your assets from the estate tax. We are the Dana Law Group, and it would be our pleasure to help you develop a comprehensive estate plan. Contact us today to schedule a consultation with our team.