It's not only the wealthy people who can benefit from estate planning. Even if you don't have a huge IRA, an expansive property, or precious art pieces to pass on to your beneficiaries, it would still benefit you to settle the affairs you will be leaving on Earth. Otherwise, it could have a costly and destructive effect on your loved ones if you don't have a plan.
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Are you still hesitant and unsure if such an estate plan will do your family good? If you want to protect your heirs from possibly disastrous outcomes, you should consider it.
If estate planning was formerly seen to be a thing that only the wealthy needed, that has changed these days. Many families, even middle-class ones, must prepare for the loss of their parent or breadwinner. If you think about it, you don't have to be a billionaire to succeed in real estate or even the stock market, both of which yield considerable assets that you will be leaving to your family.
Even if you're merely leaving behind a second house, you won't have any control over what will happen to it if you don't determine who gets it when you die. Therefore, you should name your successors.
Without an estate plan, the courts must decide who among your heirs would get your assets. And this process can take years, incur fees, and become contentious.
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