MYTH: Estate Planning is only for the wealthy
FACT: Many factors other than wealth affect the need for estate planning, such as:
(1) caring for a minor or disabled child;
(2) transferring ownership of property in accordance with your desires;
(3) caring for a surviving spouse;
(4) transferring closely held business interests
(5) transferring ownership of property in another state;
(6) charitable giving;
(7) avoiding probate; and
(8) avoiding taxes.
Regardless of what or how much you have, an estate plan is simply a set of directions for the distribution of your assets and protection of your family when you become incapacitated or pass away.
This material was adapted from the firm Tellie Coleman, attorneys at law. Tellie & Coleman has an excellent website with some great resource material.