The word ‘estate’ conjures images of great wealth, which may be one of the reasons why so many people don’t develop estate plans—after all, they’re not rich, so why make the effort? In reality, however, if you have a family, you can probably benefit from estate planning, whatever your asset level.
Leaving a legacy — sounds like something only wealthy people can do, right? It can be something like making a giant bequest to a university or passing on a significant estate to your children.
It’s a well-documented fact that most people do no estate planning. Of those who do, the majority use a last will to pass their estate to a spouse or divide it among their children.
The government realized it can be far less expensive to provide services that allow a person to continue living at home, rather than pay for residence in a nursing home.