Think estate planning is just for the wealthy? Think again. While it’s easy to assume that estate planning is only necessary for those with millions in assets, the truth is the opposite: the less money you have, the more you need estate planning.
Why? Estate planning is about putting legal documents in place now to prevent costly legal problems later. For those with limited resources, avoiding unnecessary expenses is even more critical because there’s less financial cushion to absorb unexpected costs.
A Real-Life Example
Meet Brian. He didn’t have much—just $10,000 in the bank. He figured estate planning wasn’t for him because, in his words, “That’s for rich trust fund kids.”
All was fine until Brian got injured on the job and became unable to work or manage his finances. His only daughter, Misty, stepped up to help, but when she tried to access his bank account to pay his medical bills, she hit a roadblock.
Why? Because Brian didn’t have a Financial Power of Attorney giving Misty legal permission to manage his finances. To access the account, Misty had to hire a lawyer and go to court to gain permission—a process that drained the entire $10,000 Brian had hoped to leave her.
The Hard Truth
If you can’t afford to put out a legal fire, you can’t afford not to do estate planning. The wealthy, like Elon Musk or Bill Gates, can probably spend unlimited amounts of money fixing legal problems. Most of us don’t have that luxury.
We Can Help!
We include a financial power of attorney in every estate plan we prepare! Start by booking a free 30-minute consultation. We’ll answer your questions, explain your options, and share our unique flat fees and process for getting started. https://calendly.com/mcblawpllc/30min