You are spending a quiet afternoon having lunch with a few friends. At some point during the conversation, one of them mentions how they just met with an estate planning attorney. You are happy for them, but you are also a tad confused. So you speak up, saying something to the effect of, “I’m not trying to sound rude, but what do you or any of us need an estate plan for? That sort of stuff is for the super wealthy, right? It’s certainly not for everyday people like us.”

That’s when your friends chime in that they used to think the same thing. They even agree with your assessment—it is not like they live in a mansion on the hill. They certainly do not have the money to afford a butler to cater to their every need.

That said, believing that estate planning is only for people with significant wealth is an age-old myth. Yes, wealthy families and individuals who are retired have detailed estate planning strategies in place (or at least they should), but estate planning has never been about how much money you have or what your list of expensive assets looks like. It is about having a carefully crafted plan in place for everyone you love, and everything you own, in case life takes an unexpected turn.

Everyone Has an Estate

In our world, “estate” refers to everything you own—no matter how much money or stuff is included or how old, young, or healthy you are. This includes your home, cars, boats, furniture, bank accounts, jewelry, life insurance, and pretty much everything else you can think of that is important. True estate planning goes beyond possessions and assets, though, and plans for a variety of important factors that may now seem too far in the future. This includes:

• Determining which loved ones are good at handling money and other responsibilities
• Detailed instructions for your care should you become disabled before you die
• Choosing appropriate guardians or additional care for minors and loved ones with special needs
• How many companies you own will be sold or transferred, and the proceeds dispersed
• How to minimize taxes and unnecessary fees
• Contingency plans for planned changes, as well as unexpected changes

Trust us when we say this is just the short list of what estate planning encompasses. The bottom line is that you need it because you don’t get to take any of your possessions with you when you die, and you can’t do anything about loose ends you forgot to tie up. Not to mention, putting your estate and how it’s handled in the hands of the courts is not a good idea.

Having total control over how that process plays out is invaluable. Estate planning puts your affairs in order, so you have peace of mind knowing your loved ones can carry out your wishes once you are gone.

Case Study: A Family Without a Plan

Jonathan and Peggy Smart thought the same way you did about estate planning. They lived in a small home in Denton, worked typical 9-5 jobs, and, like many people, relied heavily on each paycheck. For years, they managed to live a quiet, simple life: no major illnesses, no job losses … even their two kids were as healthy as could be.

But when Jonathan passed away unexpectedly, Peggy and the kids’ lives were turned upside down. Many of their assets, including the home they had lived in for 33 years, were in Jonathan’s name alone. That meant probate, which was necessary but—as many people know—is almost always costly, time-consuming, and emotionally draining. For a struggling family trying to make ends meet after such a devastating loss, you can imagine how overwhelming that process became.

Peggy found herself navigating court filings, legal paperwork, and mounting expenses. None of this happened because Jonathan and Peggy were irresponsible, by the way. In fact, they were like many families—hard-working, caring parents who assumed estate planning was something only super wealthy people needed to worry about.

Case Study: A Family With a Plan

Steve and Josie Appleton were, in many ways, exactly like Jonathan and Peggy Smart. They had stable jobs, a modest home, and two kids. The biggest difference was that they established an estate plan shortly after they got married. Yes, they were very young and were just starting their lives together. But they had learned from Josie’s parents that it is never too early to have a plan in place.

Throughout the planning process, they ensured that, in the event of either of their deaths, their wishes would be clear and their family would be protected. At first, their plan was pretty simple: a couple of Wills and a Power of Attorney. Over time, they added a Trust and several other important documents to cover all their bases. They also made sure key assets were titled properly and that beneficiary designations on accounts and life insurance policies were up to date.

Years later, when Josie passed away after a brief illness, Steve could focus on his grief rather than court filings and other legal matters.

Since the Appletons had planned ahead, Steve and his kids were not left scrambling to figure out what happened next.

They had a clear roadmap.

Having a carefully crafted plan in place before you die that goes beyond a “who gets what” set of instructions is a conversation you should have sooner rather than later. And trust us when we say that you do not have to be super wealthy. We all have an estate, and it is time to start protecting yours. At Leigh Hilton PLLC, we help individuals and families understand the importance of estate planning and create a unique plan for them to pass their wealth, wisdom, and values to loved ones in the most efficient way possible. 

Call Leigh Hilton PLLC Today!!

Have you never done estate planning before? Are you afraid the plan you have in place is outdated or is not as comprehensive as it should be? Call Leigh Hilton PLLC in Denton, TX. By working with us, you can be confident that your estate plan will be up to date, take advantage of the latest planning opportunities, and address your goals with an approach that makes sense to you and a strategy you can trust. Leigh Hilton PLLC wants to be your first call every time for any estate planning need. We look forward to working with you.