Is estate planning necessary if you have few assets?

On Behalf of | Jan 10, 2023 | Estate Planning |

The right time for estate planning is possibly one of the most debatable subjects. Is there a right age, or do you need assets worth millions to take this move? Estate planning is necessary for younger and older individuals of any net worth as it includes vital clauses that will protect more than your assets.

This guide discusses why it’s necessary to consider estate planning even if you have few assets.

Protect existing assets

Estate planning allows you to choose beneficiaries and the respective assets they will get based on your criteria, when you die or become incapacitated. Regardless of the value of your assets, it may not be the best option for the state to decide who gets what. This may make the process more complicated for your loved ones.

Choose someone you trust as an executor

During estate planning, you will appoint an executor to grant your wishes accordingly. The executor will also protect your assets before they are distributed to beneficiaries.

Protect minor children

One of the elements of estate planning is guardianship. You will choose a guardian(s) you believe can raise your kids based on the values you have already laid for them. Not having this opportunity may make life challenging for your kids when you die or become incapacitated.

State your health wishes

The chances are there are medical choices like treatments you wouldn’t consider and those that you would wish upon incapacitation. During estate planning, you will state your wishes. Besides, you will choose someone you trust to ensure your decisions are observed and make others on your behalf.

Estate planning protects more than assets. Thus, consider starting even with a few assets. Further, you will update your plan when you get more properties. Nonetheless, make the right moves for your estate plan to continue achieving your goals.