Happy Sunday!

Today I thought I’d talk about the minimum assets one needs for estate planning.

And the answer might surprise you.

Because it’s basically nothing.

Why?

Estate planning doesn’t just cover you when you die (though even if you only have minimal assets – a bank account for example – you’d still want to have a beneficiary designation on that, which I’d consider to be estate planning).

Estate planning also covers you if you are alive but incapacitated.

And almost everyone can agree that they’d rather have someone in charge that they choose rather than someone a judge chooses.

That’s what estate planning does – it empowers you when you can’t make decisions for yourself, and when you’re no longer here.

For example (and then I’ll get out of here), when we do estate planning for parents of children that have recently turned 18 we always suggest doing a Power of Attorney and Medical Power of Attorney for the kids.

Why?

If something happens to them, they are adults. Helping them is MUCH harder if you don’t have those documents completed.

Estate planning isn’t just for rich people. It can benefit everyone.

Have a great week!

Sincerely,

Christopher Small
Owner
CMS Law Firm LLC

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