One of the most common myths about estate planning I hear over and over again is, “I don’t have any money. Why would I need an estate plan?”
It is easy to understand why someone might think this – after all, estate planning is for rich people, right?
This is a dangerous myth!
In fact, it is often people with minimal assets who need estate planning the most. Confused?
Let me give you an example:
Nathan had $10,000 in his checking account. He didn’t have an estate plan because, until recently, he thought estate planning was only for people who were rich.
One day he was injured at work. He became incapacitated, and was no longer able to manage his finances on his own. He needed to access the money in his checking account to pay for the medical bills.
Nathan’s adult daughter tried to access the account, but the bank told him she didn’t have legal authority to access it. By the way, if Nathan had been married and his wife’s name wasn’t on the account, the Bank would have told his wife the same thing.
Nathan’s daughter did finally get access to the account, but only after going through an extremely difficult and costly court process called “probate.” Nathan’s daughter had to get court permission before she could act on her father’s behalf. That took a lot of time and ate up much of the $10,000.
Billionaires like Elon Musk and Warren Buffett would be just fine if this happened to them.
Nathan, however, had to pay for filing fees and attorney fees and his daughter was really worried throughout the entire process.
Incredible as it sounds, it was exponentially more important for Nathan to have an estate plan in this case than it is for someone like Elon Musk.
This is a heartbreaking example of how quickly things can get messy without basic planning in place – and how the importance of estate planning has little to do with how much money you have.
If you are interested in learning how estate planning can save your family time, money, and heartache, start by scheduling your free planning session with me online here or by calling me at (805) 244-5291.
We will cover the biggest fears when it comes to estate planning, how to protect your family and your assets, how to get started, how much it will cost, and much more.
I know this is a lot to take in! Feel free to hit reply with any questions at all. Eric Ridley Attorney at Law Law Office of Eric [email protected](805) 244-5291www.ridleylawoffices.com
This is a scary scenario that can be easily avoided. The first step is to learn more by calling me right now. I will guide you as to the path, for you to make the best decisions for your family.