Estate planning is often misconstrued as something that only rich people need to consider. This may be partly due to the term “estate” itself. Literally, the word means a vast amount of property or land.
However, in terms of estate planning, the definition has a much wider scope. Whether you’re old, young, married, single or wealthy, estate planning is something you want to think about, and here’s why.
Keeping your business in the right hands
You’ve just started a business, and it is showing continued growth. This may not yet have landed you with vast amounts of wealth, but continued growth is not a bad sign. Just because your business isn’t worth much now, that doesn’t mean it won’t be in the future. You want to make sure that the right people, your family, benefit from the proceeds. You may even want your family to take a more active role, to run it when you are longer around. A watertight estate plan can account for these wishes.
The upbringing of your children
You may not be wealthy, but that doesn’t mean you love your children any less than a billionaire. Estate planning is about more than money. You can take steps to nominate a legal guardian for your kids, should something unexpected happen to you. This person might be a relative or close family friend. What matters is that you trust them to raise your child to the same standard you would have.
Estate planning is not out of your reach. Having a firm understanding of your legal options can give you the confidence to move on with your future.