is estate planning only for the wealthy 
there is a myth that estate planning is only for high net worth individuals but that s not true in fact estate planning is a tool that everyone can use estate planning makes it easier for individuals to determine their wishes before and after they die contrary to what most people believe it extends beyond what to do with assets and liabilities in fact estate planning can also answer questions about the guardianship of minor children and pets what to do when it comes time for your funeral and what charities you want to support after you die the bottom lineyou should start planning for your estate as soon as you have any measurable asset base it s an ongoing process as life progresses your estate plan should shift to match your circumstances in line with your new goals and keep at it not doing your estate planning can cause undue financial burdens to loved ones estate taxes can run as high as 40 so at the very least set up a will even if the taxable estate is not large 20estate planning is often thought of as a tool for the wealthy but that isn t the case it can be a useful way for you to deal with your assets and liabilities before and after you die estate planning is also a great way for you to lay out plans for the care of your minor children and pets and to outline your wishes for your funeral and favorite charities but don t confuse writing a will with estate planning the former is just one of the steps you ll need to take in the estate planning process while you re at it make sure you appoint a responsible executor and review your accounts on a regular basis to ensure you re getting the most bang for your buck 