An estate plan is not merely reserved for those with large houses and bank accounts. On the contrary, because a person’s estate will include everything you own at death, every person needs to have a plan. An estate includes your home, all your personal property, bank accounts, pensions and retirement accounts, investments and businesses. Estate planning is also important for all ages because it affects your financial, personal, and healthcare wishes.
An estate plan will help plan for incapacity, provide for your immediate family, ease stress on your family by providing guidance on your wishes. The plan directs where your estate (what you own) will go after death and how your assets will be managed in the event you are unable to do so yourself. Where there is no will or plan in place, the State will designate someone to administer your estate and who inherits your assets. Most people do not wish for this to happen.