People need estate plans, even when they are not holding large assets.
Despite the popular myth that only people with large financial holdings need estate plans, people who do not have a large estate do need an estate plan, according to Pauls Valley Daily Democrat in “More on estate planning myths.”
Many of the people who are not wealthy think that they do not need estate plans. They reason that, if there is little to divide up, then there is little to fight over. Consequently, they believe everything will go smoothly.
You never know when family members will decide to fight over an estate and exactly what they will fight over. While it is true that a large amount of money often leads to a fight, it does not always do so.
Sometimes the most bitter of estate battles are actually over little things. Some estates have even been known to easily settle large fortunes, but have long and bitter feuds over small personal items that are not worth very much.
This means that families might choose to argue over estates that do not have anything of value, if there are sentimental items wanted by more than one family member.
It happens much more often than you think.
An estate planning attorney can guide you in creating an estate plan that meets your unique circumstances.
Reference: Pauls Valley Daily Democrat (March 1, 2017) “More on estate planning myths.”
