Submitted by Anonymous on Fri, 07/17/2009 - 09:07
Really, don't I need to have a certain amount of cash or property to do estate planning or make a will or to make it worthwhile? You know, since I don't have a lot, why bother?
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Editor's Response
The answer to your question is no. If you have any personal property at all you may want to do some estate planning, even if all you do is create a will that disposes of personal property that may be important to you or that you think may be important to those you leave behind. Also, estate planning is about more than money and property. For example, if you have kids, you might want plan for what will happen if you and your spouse die unexpectedly. You might also want a power of attorney so a trusted friend or adviser can help you if you become incapacitated. Do you have a health care proxy? (Everyone should.)
With respect to the disposition of your 'worldly belongings,' if you truly do not own any property (other than a few personal items) then, yes, you probably do not need any complex estate planning, such as trusts. Good luck.