Estate Planning is important for every individual, regardless of the amount of wealth involved. This planning includes anything from a simple Power of Attorney or a Last Will & Testament, to a complex Trust—or a combination of these tools. Ultimately the goal is to plan for the handling of your property upon your death or disability; and, additionally, the appointment of a guardian and conservator for your minor children in the unfortunate event that such becomes necessary.
The need for estate planning itself is equal to all individuals. However, the complexity of the plan will vary according to individual circumstances. For example, a person with few assets and no children may need nothing more than a simple Last Will & Testament. While a wealthy business owner with children, grandchildren, and substantial assets might require one or more Trusts or a combination of a Will and Trusts, not to mention an effective succession plan for his or her business or businesses.
Ultimately, although an estate plan is not legally required of any individual, to risk passing from this life without a plan is to risk having your estate distributed in a manner contrary to your wishes. Avoiding such a result is not only possible, it’s entirely feasible with the assistance of a skilled estate planning attorney.
**DISCLAIMER: Accessing or reading this post does not create an attorney-client relationship nor is the information offered as legal advice. Checketts Law, PLC only provides legal advice to clients, and a party becomes a client only after signing an engagement letter which has been signed by an attorney legally authorized to act on the firm’s behalf.