Estate Planning Isn’t Just for the Rich

Lindsay M. Harris, JD
Estate Planning Lindsay Harris

How do the rich get richer? They protect what they have. The secret? You can too. The majority of Americans believe that estate planning is only for the rich and that they don’t need an estate plan. But this view couldn’t be farther from the truth. We get it. The phrase “estate planning” is so vague and sounds like a foreign concept. But many of us have similar goals, no matter if we have $1 in our pockets or $100 million. We want to protect our families, our loved ones, and our assets if possible.

Reasons for Estate Planning that have NOTHING to do with the size of your wealth:

  • Nominating Guardians for your children
  • Ensuring your beneficiaries needs are taken care of
  • Protecting yourself if you cannot make your own health or financial decisions
  • Protecting your family from creditors
  • Helping your loved ones to avoid the court system to finalize your estate
  • Making sure someone can step up and pay your bills if you cannot
  • Protecting your assets from the nursing home
  • Keeping assets, heirlooms, and family businesses in the family from generation to generation
  • Ensuring your spouse’s “new-spouse” does not walk off with your children’s inheritance
  • Keeping your family a family
  • Ensuring your money does not go to one of your children’s exes
  • Deciding who should “be in charge” if you cannot so your wishes are followed and your family isn’t left fighting about what they believe to be in your best interest

Only 40% of Americans have a Will. Only 17% of Americans have a Trust. Wills and Trusts are essential parts of a good estate plan. Why? Americans tend to avoid what we don’t understand. The data is clear. We do not understand “Estate Planning”. At Harris Law, we stand by three core values: Inform, Educate, Empower. We make estate planning simply and guide you through the process. Once you are armed with the right information for you and your family, it is up to you to decide how to best protect your legacy. Call us at 605-777-1772 to set up your no cost initial meeting so you can sleep well knowing your family is protected.

*This blog is for general informational purposes and is not intended to give legal advice. Please consult with an attorney about your situation.

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