You don't need to have a summer house in the Hamptons or a private art collection big enough to rival MOMA to be the owner of an estate.  In fact, virtually anyone who owns anything at all has an “estate” in the eyes of the law.  The term may conjure images of expansive country properties, stables of Arabian horses, expensive cars, or other rarefied acquisitions of the ultra-wealthy, but for purposes of estate planning law, the term “estate” includes a whole lot more — or a whole lot less.

What constitutes as an estate?

Ordinary possessions like homes, jewelry, bank accounts, cars, furniture — basically anything you can own — are a part your estate.  This makes estate planning important for most everyone, not just the “country club” crowd. 

Even if you don't consider yourself the owner of an estate, you almost certainly are.  So, the answer to the question “If I don't have an estate, do I really need an estate plan?” is a resounding “Yes!”  With rare exceptions, everyone who owns property can benefit from estate planning.  And estate planning covers more than just property.  Your plan allows you to ensure that someone you trust can make critical medical and financial decisions for you if you're unable to.

4 Key Advantages of Estate Planning

Estate planning may seem overwhelming.  But you don't have to go it alone.  We know what it takes to create a comprehensive estate plan tailored to fit your individual needs.  Your estate plan can help you achieve the following objectives:

1. Maintain complete control of your property while you're still alive and well.
2. Provide for yourself and your loved ones if you become incapacitated or disabled – without court involvement.
3. Avoid probate, which saves you from paying legal fees, court costs and taxes.
4. Create a blueprint for giving what you have, to whom you want, the way you want, when you want.

Are you ready to sit down with a qualified estate planning attorney to see how you can ensure a better future for yourself and your family?  There's no time to waste — the sooner you take stock of your estate and get critical documents like wills, trusts, and powers of attorney completed, the better.  Give us a call today to find out how we can keep your health and wealth in the right hands for good.

Find out more about estate planning:

Estate Planning Overview

Estate Planning Basics & Benefits

Wills Versus Trust:  What Do I Need To Know? 

The Probate Process

Trust-Based Estate Plans

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Posted by Jim Foster

Jim Foster