by Estate Planning Attorney Patrick A. Metcalf
Most people with assets or family should have an estate plan. Typically, you should establish an estate plan if you;
- own property that matters to you,
- have minor child (under 18),
- are concerned with possible incapacity
- are concerned with privacy issues,
- have philanthropic goals, and
- want to establish business succession.
Remember, estate planning isn’t only for the rich, nor are there minimum property requirements, such as owning a home. Anything you care about—from artworks to gold earrings to items with little or no market value such as the old family rocking chair or loved photographs—is significant enough to warrant at least basic estate planning. The key is to ask yourself whether you own any property that you want to go to a specific person or organization when you die. If the answer is yes, you need to create a plan to make sure your desires will be carried out.
Notice all the above reasons starts out with “you”. That means you will decide what to do with your property, not someone else. If you do not have a plan, others will decide what to do with your assets.
This blog is not a legal advice. You should consult an experienced Estate Planning attorney help you with your estate planning process. It’s best to have an attorney review your background and your needs before you start your plan. You may not get the desired outcome if you do not pan properly.