Well no…no it is not, at least not only for the wealthy.
Estate planning is important for those who consider themselves of moderate means, especially those with businesses and multiple beneficiaries. If you own property and/or have someone who is dependent on you, you need a plan. It will help you address how, when, and to whom you want your assets to be distributed after your passing. This plan is facilitated by using trusts, wills, and life insurance.
An Estate Plan helps to ensure what you want done…actually gets done. With proper planning and partnering with your financial professional, a plan can be put in place to present to an attorney (specializing in estate law) and your wishes can be carried out and potential arguments among heirs be avoided. Mistakes (or procrastination) can impact your loved ones’ well-being. Without a plan in place, much of what you have spent a lifetime building could be lost to family disagreements, delays, probate and legal fees, taxes, and other expenses.
One of the first steps you can take now is to make sure your beneficiary designations are up to date on your life insurance and retirement plans. Estate planning is one of several key areas of financial planning to address throughout your life…it is not a one and done typically but must be maintained as well. As always, I am here to help.