If you think the fact that you do not have a small fortune means that you do not need estate planning, then you are not alone. That is a common belief. The truth is that in some situations, people do not need anything other than a simple Will and advanced medical directives. However, other situations require extensive estate planning, even for people who are not wealthy.
For example, parents of children with special needs should have an estate plan designed in such a way that they can leave the child with special needs an inheritance and not disqualify the child from government assistance because of income and asset limitations.This is true whether the parents are leaving the child with special needs $10,000 or $10 million. It can be accomplished through careful estate planning and a Special Needs Trust.
That is just one example of a situation where people without great wealth need estate planning. There are many more that cover all kinds of different situations. Maybe you do only need a simple Will. However, there is no reason to take the risk that you might need something else. The best way to find out is to schedule an appointment with an estate planning attorney and get an expert’s opinion about your situation.
Stephen A. Mendel, Estate Planning Attorney
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