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I Don’t Have Many Assets. Should I Still Have an Estate Plan?

man looking at paperwork in front of his computer

One reason why people choose not to create an estate plan is simply because they feel they don’t need to. Perhaps they do not have extensive bank accounts, own property, or otherwise have a large collection of assets to distribute. However, our team at DebnamRust, P.C. is here to explain why you should still have an estate plan even if you don’t believe you have enough assets to justify one.

The Benefits of Having an Estate Plan

Having an estate plan is about more than laying out a plan for asset distribution after you pass. It also includes other important information that can help your loved ones after you are gone.

First, having a thorough and clear estate plan can prevent family disagreements. If your wishes are not clearly written out, your loved ones may end up arguing about what they each feel is best. With clear directives, there will be no need for such discussions and potential fights.

Second, having healthcare directives in case of an emergency. Within your estate plan, you can leave instructions for your care in case you are ever incapacitated. You may also name a healthcare proxy, which is the one person who can make decisions about your health at any time that you are unable to.

Third, you may detail your end-of-life arrangements in your estate plan. This includes your desired funeral arrangements, wishes for an obituary, and deposition of remains instructions.

These are just a few of the ways that having an estate plan is beneficial for you and your loved ones.

Uncovering Assets During Estate Planning

It’s also worth noting that many people begin estate planning unaware of how many assets they truly do have. Whether it is items of monetary or sentimental value, it’s common for individuals to uncover more assets than they originally thought they had.

Once you inventory all of your assets, you can leave instructions for how they should be distributed among your named beneficiaries.

Start Estate Planning in Dallas, Texas

Did you know that some financial experts recommend estate planning as young as 18 years old? Whether you’re 18 or 80, though, it’s never too late to write up an estate plan. Contact our team at DebnamRust, P.C. to learn more about how to get started with the guidance and assistance of our estate planning attorneys.