The Sevens Building
7777 Bonhomme Ave.
Clayton, MO 63105
|Posted on August 14, 2015 at 12:12 PM|
As an attorney, I think a lot of people think that their assets aren't big enough and their life isn't interesting enough to warrant an estate plan. To the first issue: you would be surprised. You don't have to be "wealthy" to make an estate plan a smart move for you. As I have mentioned before for instance, having a small business (or any business) would make estate planning a must for you. You don't have to be wealthy to have a small business. Most people who have kids, a decent job, some savings, some retirement savings, a house, a spouse, a car or two, even someone with a special collection of collectibles—anyone with any one or any combination of these is a great candidate for an estate plan.
Also, to the "interesting" issue, in this day and age, divorce is not unusual. An adult being single also is not unusual. The combination is not unusual. These themselves probably make your life "interesting" enough. I know some adults who grew up being raised by their mothers and barely knew their fathers or vice versa. They don't realize that if they die prior to their parents, the one they like and the one they don't like could very well inherit their assets equally, when really what they want to do is give all their money to just the one who raised them. This particular problem can be fixed with a simple Will. The same goes for someone whose sole objective is to give a certain collection to a friend or family member who may appreciate it like they did throughout their life.
I know an "Estate Plan" sounds expensive. It sounds like something normal people don't need. But we need to get away from the intimidating sound of that and start planning. In fact, a simple Will can cost as little as $250.00. In our office that's the price at which we begin. You get a consult with an attorney so that you know what you need and that same attorney writes up your documents. You can sleep easy at night knowing that your wishes will be followed and that it was done properly. It can be quite a deal for the peace of mind it brings and far less expensive over time than life insurance or all the other types of insurance and things we buy to prepare for the worst.
Bottom Line: As the saying goes, "Hope for the best but prepare for the worst."