In some cases, those without a lot of assets assume that they don't need an estate plan. Those plans, they believe, are just for the wealthy. They're a way for those with a lot of money and assets to make sure they're divided properly.
However, Scorpio Partnership and RBC Wealth Management carried out a study in 2016, and they found that the vast majority of wealthy people didn't even have complete estate plans. Only 26 percent had all of the different aspects of the plan in place.