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. Everyone can benefit by creating an effective estate plan. 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 wealth 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 the state. 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. Traditional estate planning involves creating a will. By preparing a will, most people feel they have effectively safeguarded their family's inheritance. A Last Will and Testament outlines your wishes about the distribution of your property after death, but testamentary documents such as wills usually require probate.