Are Estate Plans Just for The Wealthy?

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When you hear the word “estate” it may bring with it an image of a large tract of real estate with a large manor filled with valuable furnishings and artwork. However, estate plans can make an impact on those of more modest means as well. Everyone has an “estate,” which just refers to your possessions, money, property, insurance policies, and other valuables. While you may not have priceless works of art to distribute in your estate, you likely have assets that will need to be distributed at your death.

If you have someone who is dependent on you, estate planning documents such as a Will can address who will be the guardian of your minor or dependent adult children after your death. Life insurance can accomplish the goal of providing for those who are dependent on your income after your death. If you own real estate, then a Will and Trust can be useful tools for naming who will manage your affairs and who you want your property distributed to after your death.

Thinking about what will happen to those you love and your money and property at your death can be a difficult task. However, leaving no estate plan in place will lead to difficult decisions for those you leave behind, and it may result in an outcome that you don’t expect or desire.

If you would like more information regarding an estate plan tailored to your particular situation, please don’t hesitate to call me at 801-874-4546 to schedule a free consultation. I am an estate planning attorney in Spanish Fork, Utah. While my office is in Spanish Fork, I provide estate planning services in Utah County and beyond.

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