Estate Planning

Why everyone needs an estate plan.

Q: Do I need an estate plan if I'm not wealthy?

Yes. Everyone has an estate — a home, accounts, belongings — and anyone can become incapacitated. Without a plan, your family faces probate, possible conservatorship, and state-law defaults instead of your wishes. Even a simple, properly executed plan avoids probate, plans for incapacity, and keeps decisions in your hands.

Many people assume estate planning is for the very wealthy or the very old. In reality, if you have a family, assets, or wishes about your own care, you need a plan.

By Tresp, Day & Associates · November 23, 2022

The short version An estate plan does four things: it avoids the cost, delay, and publicity of probate; it plans for your care and finances if you become incapacitated; it directs who inherits and protects them; and it keeps these decisions in your hands rather than a court’s. Without one, state law and the probate court decide, expensively and publicly.

“I don’t have enough to need an estate plan” is one of the most common and costly misconceptions. Everyone has an estate, a home, accounts, belongings, and people who depend on them. The only question is whether you decide what happens to it, or a court does.

Avoid probate

Without a plan, your estate typically goes through probate, a public court process that, in California, often takes nine months to two years and costs a meaningful percentage of the estate. A properly funded living trust avoids it.

Plan for incapacity

Estate planning isn’t only about death. If you become incapacitated without powers of attorney and a healthcare directive in place, your family may face a court-supervised conservatorship to manage your affairs. Advance planning avoids that.

Protect your family, and stay in control

A plan names guardians for minor children, provides for a spouse, and can protect what your heirs inherit. Above all, it keeps the decisions yours: who inherits, who manages, and how. Tresp, Day & Associates builds plans that fit your family, and, for those with real wealth, layer in protection too.

Ready to protect what is yours?

Since 1992, Tresp, Day & Associates has structured asset protection for families and businesses nationwide. Request a consultation or call (858) 755-6672.

Common questions

Frequently asked

Do I need an estate plan if I'm not wealthy?

Yes. Everyone has an estate, a home, accounts, belongings, and anyone can become incapacitated. Without a plan, your family faces probate, possible conservatorship, and state-law defaults instead of your wishes. Even a simple, properly executed plan avoids probate, plans for incapacity, and keeps decisions in your hands.

This article is general information, not legal or tax advice, and does not create an attorney-client relationship?

This article is general information, not legal or tax advice, and does not create an attorney-client relationship. Every situation is different and the law changes; consult a qualified attorney about your circumstances.

This website is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Every situation is different; please consult a qualified attorney about your specific circumstances.

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