The myth that estate planning is something that only wealthy people need to do is wrong, but ever present.
In popular culture, it is very rare to ever see average people planning for their estates. TV shows and movies that feature middle class people, almost never include anything about estate planning.
However, in shows about wealthy people, estate planning is something of a staple.
When a fictional rich person passes away, all of the relatives gather in a stuffy office where a much too serious attorney solemnly reads the will out loud and everyone learns what they are to receive from the estate.
It is a cliché and something you have probably seen hundreds of times, without thinking about it too much.
Nevertheless, it feeds a myth that only wealthy people need to do estate planning, and that is not true as Financial Advisor discusses in “Estate Planning Is Not Just For the Ultra-Rich Anymore.”
Estate planning is something that everyone can benefit from, no matter how much they have. You do not need to be a Rockefeller to plan your estate.
If you want to have any say in who gets your property after you pass away, no matter how little or how much that is, then estate planning is the way you can have that say.
In fact, it is the only way you can have it.
Estate planning today also includes planning for your end-of-life care. For example, when planning your estate, you can also plan for what medical procedures doctors can perform to save your life.
Do not buy the myth that you do not need to plan for your estate because you are not rich.
See an estate planning attorney, if you have not already done so.
Reference: Financial Advisor (August 3, 2017) “Estate Planning Is Not Just For the Ultra-Rich Anymore.”