No matter what your net worth, it’s important to have a basic estate plan in place. Your estate plan tells the world —and most importantly your loved ones—how you want your assets distributed when you die. It also permits you decide who will be the guardians for your children, who will manage your finances if you become incapacitated, and who will make significant medical decisions for you if you become unable to make them for yourself.
If you die without a will or trust, you have no say in how your assets are handled or how your children are cared for, situations that will almost certainly cause undue stress on your family. You will also likely force your family to incur additional expenses in probate court. A well-crafted estate plan can help your family avoid these frustrations and the expense of probate court.