I have heard clients say they don’t need estate planning because they don’t have an estate. This may be true. A lot of people do not own real estate, do not have stocks and bonds, and maybe don’t even have a bank account. However, do you have a collection of small record albums you want to go to a special friend? Or a wedding ring you want your special niece to have? Or maybe you have some family photos that people might fight about!? You get the point I hope that you don’t have to be “rich” to have stuff that you want to give to specific people.
Additionally, you may have minor children. If you have minor children you should have a nomination of guardianship. What happens to those kids if you die without nominating a guardian? A MESS! A nomination of guardianship typically is taken care of in a will but can also be done in a separate legal document called a “nomination of guardians.”
Then there are the powers of attorney. You should have both a financial and a medical power of attorney. Even if you don’t have a lot of assets you should have a financial power of attorney to deal with quasi financial affairs such as going to the post office or the DMV should you not be able to do so.
Lastly, you should have a medical power of attorney or health care directive. This would appoint someone to make medical decisions for you and would cover your wishes should you end up in an irreversible coma or persistent vegetative state.
Call me and let’s get something put together for you and your family!