Many people think estate planning is only for the wealthy or older adults—but that’s a common misconception. I always tell my clients that once you turn 18, everyone should have an estate plan. At the very least, you should have the three basic documents: a Will, a Living Will, and a Power of Attorney.
What Is an Estate Plan and Why Does It Matter?
An estate plan is not just about distributing wealth. It’s about protecting yourself, ensuring your wishes are honored, and guiding your loved ones in making important decisions if you’re unable to do so.
Regardless of your age, relationship status, or financial situation, having these documents in place can prevent confusion, conflict, and unnecessary stress for the people you care about most.
Common Misconceptions
We often hear clients say, “Well, I don’t have much.” The truth is, most people have more than they realize, and life can be unpredictable. Without an estate plan, your loved ones may be forced to make critical decisions on your behalf—decisions you might not agree with or that could leave your family uncertain and conflicted.
These decisions include:
- Who receives your assets when you’re gone
- Who makes medical or financial decisions if you’re unable
- What type of medical care you want in emergency situations
Protect Yourself and Your Loved Ones
An estate plan ensures that your wishes are respected, protects your loved ones from difficult decisions, and provides peace of mind knowing that your future is safeguarded.
No matter your stage of life, it’s never too early to get started.
If you have any questions about the topic discussed in this article, or any estate planning matter, please give us a call at Bononi & Company 724-832-2499.