If I am not wealthy, do I need to do estate planning?

One of the primary purposes for creating an estate plan is to save a family money, time, and aggravation. Occasionally people mistakenly think they do not need to plan their estate if they do not have a great deal of money. However, the opposite is actually true. The less money a family has, the more important it is for them to plan their estate in order to protect and conserve the money they do have.

If you think about it, if a person is in the Desert with just a little water, isn’t it even more important for them to conserve and protect their water than it is for someone living near an abundant supply of water? A good rule of thumb to follow is a person has $100,000 or more in assets (this dollar amount includes the value of their house, money in the bank, retirement Plans, automobiles etc.) they should create an estate plan.

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