People who do not have a large amount of assets, think that they do not really need an estate plan. They are wrong.
Many people assume that if their assets fall below the multi-million dollar federal tax exemption, a formal plan is unnecessary. However, with the Tax Cuts and Jobs Act provisions set to expire, the exemption is scheduled to drop significantly to approximately $5 million per individual. This means far more families will soon be subject to estate taxes. Regardless of tax status, a plan is about more than money—it’s about ensuring your healthcare wishes are followed and a trusted person is authorized to manage your finances if you cannot.
Even people who do not have a large estate need an estate plan, as the Pauls Valley Daily Democrat explains in “More on estate planning myths.”
Beyond the Will: Protecting Your Legacy from Probate
A common misconception is that having a will automatically keeps your family out of court. In reality, a will is often just a “ticket” to probate—the public, time-consuming process where a judge validates your instructions. Because probate is a matter of public record, it leaves your family’s inheritance visible to creditors and fraudsters alike. To truly protect your privacy and streamline the transition, you may need to look beyond a simple will and consider strategies like a revocable living trust.
