It’s not about how much wealth you have accumulated that’s important; it’s about what and who are important to you. Take as an example a widow with two grown children who has only a house and $200,000 from a life insurance policy on her late husband. Does she need estate planning to protect herself and her two children? To some people, $200,000 isn’t a lot of money. Even so, the widow wants to be assured that she can live in comfort in her own home. What if her son has an alcohol problem? Wouldn’t she worry that he will just drink up whatever amount she leaves him at her death? Wouldn’t she feel better leaving money to him in such a way that it could be used for his rehabilitation? It’s not whether you have an estate that requires planning, it’s whether planning will provide you with a sense of comfort and well-being about your and your family’s future.
*Excerpt from Love, Money, Control: Reinventing Estate Planning by Daniel O. Hands, Robert A. Esperti, and Renno L. Peterson
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