ARTICLE: Do I Really Need an Estate Plan if I’m Not Rich?

Do I Really Need an Estate Plan if I’m Not Rich?

When people hear “estate plan,” they might think it’s only for the wealthy. The truth is estate planning isn’t about how much money you have—it’s about ensuring your wishes are followed, your loved ones are cared for, and life is made easier when you can’t make decisions for yourself or for those you leave behind.

So, do you need an estate plan if you’re not rich? Absolutely. Here’s why:

  1. Protect Your Loved Ones

Estate planning isn’t just about dividing money or property. It’s about answering critical questions: Who will care for your children if something happens to you? Who will manage your finances or make medical decisions if you’re unable to? Putting these decisions in writing ensures your loved ones are protected.

  1. Prevent Family Conflicts

Without clear instructions, even small decisions—like who gets sentimental keepsakes or how expenses should be handled—can lead to disagreements. An estate plan helps avoid confusion and conflict by providing clear guidance.

  1. Plan for Medical Decisions

If illness or injury leaves you unable to speak for yourself, who will make healthcare decisions on your behalf? A durable power of attorney and health care proxy are vital parts of any estate plan, regardless of your financial situation.

  1. Avoid Probate

Probate is often lengthy, costly, and stressful for families. Even with modest assets, your loved ones could face unnecessary delays and expenses if your estate has to go through probate. Using a trust can help streamline the process.

  1. Decide What Happens to Sentimental Belongings

You might not have significant financial assets, but personal items with sentimental value matter, too. Without an estate plan, there’s no guarantee these will go to the people you want to have them.

  1. Save Time and Money for Your Family

A well-crafted estate plan can minimize costs and delays for your loved ones, no matter the size of your estate.

  1. Make Sure Your Wishes Are Known

An estate plan is your chance to make your wishes clear. Without it, your family may have to make tough guesses about what you would have wanted.

Estate Planning Is for Everyone

Estate planning isn’t about wealth—it’s about peace of mind. Whether you own a home or rent an apartment, your wishes and your loved ones deserve protection.

If you’ve been putting off creating an estate plan because you think you don’t need one, now’s the time to act. Contact our experienced team at Roth Elder Law to start planning for the future. Call our office at 607-962-6162 or fill out our intake form and we will be in touch to schedule a meeting.

Contact Us Today

We at Roth Elder Law, PLLC, believe in providing services in a way that clients can easily understand and meaningfully participate in designing and maintaining their estate plan for their loved ones, as well as be assured that their plan will be administered according to their wishes.