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Is It True that You Do Not Need an Estate Plan?

Daubenspeck Aug. 7, 2019

Many Tennessee residents think that they have tomorrow to get unpleasant tasks done. Unfortunately, too many people keep putting off those tasks until there are no more tomorrows. While this idea may seem saddening, it happens quite often, especially when it comes to estate planning.

You may be among the many people who think you have all the time in the world to create an estate plan or who think that you do not even need one. Either line of thinking could prove dangerous because everyone can benefit from an estate plan, and if you wait too long, your family could end up in a difficult position.

You Don’t Need an Estate Plan. or Do You?

You may think that you do not need an estate plan because you are not what you would consider wealthy. However, your assets and financial situation play only a small part in creating a comprehensive plan. You may not have considered numerous other life aspects that could warrant an estate plan in your near future. Some questions you may want to ask yourself in order to determine your need include the following:

  • Do you have children? You can use your estate plan to name a guardian for your kids in the event that one is needed.

  • Do you value privacy? If you do not create an estate plan, your final affairs become part of the public record, which you could avoid by using certain estate planning tools.

  • Do you have a blended family? Though you likely love your stepchildren, you may want to leave a different inheritance amount to your biological kids than your stepkids.

  • Do you have a loved one with special needs? Directly inheriting assets could jeopardize a person’s eligibility for government benefits, but taking the right steps during estate planning could avoid that outcome.

  • Do you have charitable goals? With an estate plan, you can indicate that certain assets or a certain amount of your estate should go toward a charitable organization of your choosing.

If these questions have you rethinking your choice to put off estate planning, you may want to remember that they are only a few examples of factors that could warrant beginning the planning process.

How Can You Learn More?

If your interest in estate planning has grown, you may want to gain more information on how to get started and how to create a plan suited to your needs. Speaking with an attorney experienced in this area of law could allow you to gain reliable answers to any questions you may have about planning and its uses.