No matter who you are, how much money you have, or any other factor, estate planning is something you should do.
Everyone who has ever worked in an estate planning attorney's office, has experienced the following scenario at least once. It is likely they have experienced it dozens and even hundreds of times.
The phone rings and the person who works in the estate planning attorney's office picks it up. The person on the other end of the line immediately launches into a very long story about their life situation. They talk about their family, their job, their bank accounts and perhaps what their retirement plans are.
All of this information the employee dutifully tries to jot down on a notepad. However, the reality is that the employee does not need to do that, because the employee knows the question that is eventually coming and the answer to that question.
The question is "Do I need to have an estate plan?"
The answer, as the Casper Star Tribune recently pointed out in "Estate planning is for everyone," is "Yes."
Indeed, the answer to that question is always "Yes." It's not just "Yes" because the estate planning attorney's office is a business that needs people to get estate plans to stay open.
Everyone really does need an estate plan.
It does not matter how much money a person has. It does not matter whether a person has any other family members. It does not matter if the only thing the caller has is the proverbial dime to put in a pay phone to make the call. The answer is "Yes", because everyone deserves to have a say in how anything they do have, will be distributed to others after they pass away.
The way to do that is by getting an estate plan.
Reference: Casper Star Tribune (June 30, 2017) "Estate planning is for everyone."