All too often, I hear people say "I'm not rich enough to do estate planning". It seems that people automatically equate these words with great wealth. This is a common misunderstanding because people will usually hear of "estates" and "estate planning" associated with names of celebrities and captains of industry who have great wealth.
The simple fact is that estate planning is something for everyone to consider. Estate planning is merely a term used to describe the planning in settling your personal and financial affairs should you become incapacitated or in distributing your assets at the time your death. And like the old saying goes about the certainty of death and taxes, estate planning should be a part of your overall financial plan in dealing with these certainties.
Not every estate plan applies to every person. Take advantage of this and create a plan that not only allows you to name your beneficiaries, determine what share of the inheritance they are to receive and how that inheritance shall be administered, but also leaves a plan in place to handle your affairs should you become incapacitated or ill during your lifetime.