It is a common misconception that estate planning is important for only those with money or who are advanced in age. This myth is a cruel deception. Arranging for the distribution of one's wealth is what estate planning is all about. A critical part of estate planning is creating documents that outline your wishes for distributing your assets after you die.
Every individual has an estate plan.
If you do not have a formal written will or trust, your estate plan is created out of default by your state. Every state in America has laws governing the distribution of property when a person dies without a will or trust. So the question is not whether you will have an estate plan, but whether you will have an estate plan of your own selection or one imposed upon you by law. Unfortunately, many people have neither a will or a trust which would identify their intent and desires after their death. They become so involved in their daily activities that they give little thought to the consequences of their demise.