When most people hear the phrase “estate planning,” their minds go to trust fund billionaires or retirees drawing up documents before settling into a condo in Florida. But the reality is this: estate planning isn’t just for the wealthy—or the elderly.
In fact, if you have people you love, assets you care about, or decisions you’d like to stay in control of, you need an estate plan.
At Staab Law, we work with families, young professionals, business owners, and retirees alike. No matter your income or age, estate planning is simply about preparing for life’s “what-ifs”—and making things easier for the people you care about.
So, What Is Estate Planning Anyway?
Let’s start with the basics. Estate planning is the process of arranging your legal and financial affairs in a way that clearly spells out:
- What happens to your assets after you pass away
- Who can make decisions for you if you’re unable to
- How your family is cared for, especially children or dependents
- Your preferences for health care and end-of-life decisions
You don’t need a “massive estate” to have an estate plan. You just need something worth protecting—and that might be your kids, your home, your pets, or even just your peace of mind.
5 Big Estate Planning Myths That Hold People Back
Let’s bust a few common myths that keep people from getting started:
Myth 1: Estate planning is only for rich people.
Fact: If you own anything (a car, bank account, home, or even digital assets), you have an estate—and you should have a plan for what happens to it.
Myth 2: I’m too young to worry about this.
Accidents, illnesses, and life’s unexpected turns don’t check your age. Adults of all ages—especially those with kids, property, or student debt—should consider basic planning.
Myth 3: I already wrote down my wishes. Isn’t that enough?
Unfortunately, informal notes or online templates often don’t hold up in court. Estate planning isn’t just about what you want—it’s about doing it legally and clearly.
Myth 4: My family knows what I want.
Even if they do, the law may not honor verbal wishes. Without legal documents in place, your loved ones could face court battles or delays—especially if there’s disagreement.
Myth 5: I’ll get around to it later.
Estate planning isn’t urgent—until it is. Planning now gives you control and avoids crisis-mode decisions later on.
What a Basic Estate Plan Includes
You don’t need a complex, multi-layered strategy to get started. Most people benefit from these essentials:
1. A Last Will and Testament
This document names the person (executor) who will carry out your wishes and outlines who gets what. If you have minor children, it also allows you to name a guardian.
2. Durable Power of Attorney
If you’re ever unable to manage your finances, this gives someone you trust the authority to step in and pay bills, manage property, or handle accounts.
3. Health Care Surrogate & Living Will
These two documents cover your medical decisions:
- The health care surrogate names someone to speak for you if you can’t.
- The living will outlines your preferences for life-sustaining care.
4. Beneficiary Designations
Some accounts (like life insurance or retirement funds) let you name beneficiaries directly. Keeping those updated is part of a strong estate plan.
5. A Revocable Living Trust (in some cases)
Not everyone needs a trust, but for those with property in multiple states, blended families, or privacy concerns, a trust can help avoid probate and keep things streamlined.
Estate Planning Is About Life, Not Just Death
One of the biggest misconceptions is that estate planning only matters after you’re gone. In reality, many parts of your plan protect you during your lifetime, too.
Let’s say you’re in an accident and temporarily unconscious. Without a power of attorney or health care directive:
- Your spouse or adult child may have to go to court to make decisions.
- Bills could go unpaid.
- Health care providers may not know who to consult.
Having a plan in place gives the people you trust legal authority to act—quickly and effectively—when you need them most.
Why Now Is the Right Time to Start
Estate planning isn’t a one-time event. It’s something you create and update as life changes. But starting early gives you a solid foundation.
Here are a few life stages and events that should trigger estate planning (or an update):
- Buying a home
- Getting married or divorced
- Having children
- Starting a business
- Receiving an inheritance
- Retiring
- Becoming a caregiver for an aging parent
If any of this sound familiar—or are on the horizon—it’s time to put a plan in place.
Get Started Without the Stress
At Staab Law, we know that estate planning isn’t about money. It’s about control, clarity, and compassion. It’s about making sure the people you love are cared for, and that your wishes are honored—no matter what the future holds. That is why we make estate planning approachable and personal. You don’t need to come to us with all the answers—we’re here to walk you through it, step by step.
Whether you want a simple will or a full plan with trusts and asset protection, we’ll tailor everything to your goals, your family, and your stage of life. And the best time to start? Now.