It’s a common misconception that you don’t need the support of an estate plan or an estate planning lawyer if you don’t own many assets. However, whether you own a little or a lot, you still need an estate plan and you can save your family a great deal of aggravation and grief by putting together an estate plan in advance. 
A study from Caring.com found that only 42% of people in the United States have prepared appropriate estate planning documents. Whether you assume that you don’t have enough wealth that needs to be protected or you don’t want to think about your own mortality or possible disability, estate planning is not just for seniors or for the rich. Putting it off only delays the process and can expose you to greater levels of risk now or in the future.
Don’t wait until you need estate planning. The proper time to carry out estate planning is now while you are still willing, able and capable of understanding these issues. Many seniors face challenges when they reach the point of incapacity or the diagnosis of dementia or related cognitive issue. Furthermore, suddenly having to depart a family business can present serious concerns for all employees at the company as well as your loved ones.
Doing your homework in advance by consulting with an experienced estate planning attorney is the best way to avoid these unfortunate side effects and empower your family instead to be prepared if something were to happen to you. While it can certainly be difficult to think about these issues well into the future, doing your homework now can make things much easier on your family members if something does happen to you.
Keeping an updated estate plan clarifies your primary goals and what you intend to accomplish with your overall estate planning purpose. Sitting down with an experienced estate planning attorney is the first step in protecting your loved ones and your assets.
