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Does everyone need an estate plan?

Yes, everyone will benefit from proper estate planning, simply because everyone will eventually pass away.  No, not everyone needs a complicated estate plan, and certainly everyone does not need to hire a lawyer.  To determine if an estate plan is right for you, The Robert L. Shepard Professional Law Corporation will review your goals and assets as part of your free initial consultation.  While it is certainly true that the older you are and the more assets you have the more you will benefit from estate planning, everyone should consider their options to ensure your wishes are carried out.  By not having an estate plan, the government decides who receives your assets on death.  They also take a hefty percentage for themselves.  If you have minor children, they receive their inheritance at age 18.  Consider how responsible you were at that age and ask if you want your children to own a home at that age.  The most common reasons people give for not having an estate plan is thinking they do not have enough money to make planning worthwhile.  This commonly held belief simply is not true, and it is the hard working but not wealthy people that hold this belief, that pay the greatest amount to the courts and lawyers for not having properly planned.  Think about it, if wealthy Americans take estate planning seriously, it is because it is a good thing, and not planning for it gets expensive.  Not having an estate plan is akin to not planning for retirement, not planning for a career, not planning for anything.  A good estate plan is not a critical life necessity the way food and water is, but planning for life’s events sure does improve its quality.

Frequently Asked Questions about Estate Planning