There is a pervasive myth in America that individualized estate planning is only available to the very wealthy. For some, the message has even been that these services are only appropriate for the rich. Still others may know that individual planning is available, but believe that they and their loved-ones cannot benefit. They believe that because they do not have sufficient assets, nothing can be done.
The truth is that everyone can benefit from individualized estate planning, regardless of the size of an income or the amount of static assets. The power of individualized estate planning is not generated by the amount of one's wealth - it comes from having a professional assess the mechanisms by which your goals can be served by your wealth. A grandmother may wish to leave money to her grandchildren to pursue education after high school. Simply planning to leave that money to the grandchildren, or to their guardians, does not meet this goal, but there may be estate planning methods that could ensure greater clarity for the intended use of that money, such as through the establishment of a trust.
It is certainly the case that not all estate planning techniques are not right for all people - but for most people there is likely to be an estate planning technique that could serve a personal goal. If you have any questions about how you can create or improve upon your personal estate plan, contact an estate planning attorney.
David Armstrong, of Fair Shake Environmental Legal Services, is available to assist with personal estate planning for residents of Pennsylvania and Ohio. If you have any questions or would like to schedule a consultation, please contact him at darmstrong@fairshake-els.org or 234-571-1973.
