Many people think that estate planning is just for the wealthy. The truth is, everyone has an estate—even if it’s not as large as you would like. Your estate includes retirement plans, cars, equity in your house, bank accounts, mutual funds, jewelry, collections, kids, and pets.

If you die without a will, your state’s laws decide where your money goes and how it is taxed. A will ensures your assets are distributed according to your wishes. It also lets you appoint someone you trust to carry out your instructions, name guardians for your children or pets, minimize taxes for your heirs, and reduce the time your estate spends in probate. No matter your net worth, a basic estate plan is important to protect your family and financial goals.

Many people believe that drafting a will is the entirety of an estate plan, but in reality, it goes further. A complete estate plan may also include a power of attorney, a living will or medical power of attorney, and possibly a trust. A trust allows you to set conditions for how and when your assets will be distributed after your death.

Creating an estate plan clarifies your intentions and opens up discussions with your heirs, helping to prevent conflict later.

It is wise to meet with an experienced estate planning attorney to understand your options and learn how to maximize what you leave behind. An attorney can also guide you through charitable giving opportunities and strategies to reduce estate taxes.

Death is not a pleasant topic, and few people want to think about it. Some believe they don’t need an estate plan because they will be gone and it won’t affect them. But estate planning is not only about fulfilling your wishes—it’s about protecting the people you leave behind.

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