Who Needs an Estate Plan?
Almost every individual, regardless of the value of his or her estate, needs estate planning. If your estate has a small value, your estate planning may only focus upon who is to receive your property after your death. If your estate is larger, a discussion about the various ways to preserve your property for your heirs is warranted. For example, estate planning often involves planning to reduce or defer the amount of federal estate (death) taxes which otherwise might be payable on your death, or to reduce or eliminate reassessment on the change of ownership of real property.
However, regardless of the size of your estate, you will want to designate who, in the event of your incapacity, is to manage your affairs, to care for you and to make health care decisions. You also will want to consider such alternatives as durable powers of attorney for health care and property and conservatorships of the person and estate.
