Is Estate Planning Just for the Wealthy?
Lauren Richardson Law, PLLC, often provides legal guidance to clients in need of estate planning. From first-hand experience, Lauren Richardson knows that clients often feel confused when developing an estate plan. A last will and testament is one of the most essential components involved in estate planning. Without a will, your estate will be distributed to your heirs according to the intestate statutes, and your particular wishes may not be followed.
Does a person's standard of living influence whether you should have an estate plan? NO! Regardless of income and standard of living, an estate plan is essential when transferring assets in the way you want. However, the rich and super rich are likely to view estate planning differently. Pat Rufolo, Chairman of the Private Client Services Group, McElroy, Deutsch, Mulvaney & Carpenter, LLP, states,“Because of the way the very wealthy have structured their business interests, especially when different international jurisdictions are involved, means they’re going to consistently need to be tweaking their financial and estate plans. New laws and regulations are always popping up providing obstacles and opportunities. Only being on top of the situation are these very wealthy families going to ensure their wishes are carried out at death.”
Although updating your estate plan is a must, many wealthy families don’t do it. This has become a common trend in most of our blog posts. Why are people not creating and updating their estate plan? Is it laziness? Are people afraid to think about death? The answer is different for everyone; however, the fact that people aren’t creating and updating their estate plans remains constant. How do you think we can better convince people to create an estate plan?