It is estimated that 56% of Americans do not have up to date estate plans to protect themselves and their families in the event of sickness, accidents and untimely death.
The biggest misconception when it comes to estate planning is that you need to be wealthy in order to have a plan in place. That is not the case. If you have any assets, such as a home or retirement accounts or if you have young children who will need a guardian then it is recommended that you have an estate plan.
It is important to remember that verbal agreements are not legal, so any plans should be in writing and followed up with the proper formalities by your attorney.
It is also a good idea to update your estate plan over time so that any personal situation or increase or decrease in your estate can be accounted for.