MYTH: Estate planning is only for the wealthy.
FACT: This is one of the most common estate planning myths. There are many other factors or objectives other than wealth that you should consider. For example, if you desire to do any one of the following, then you need a comprehensive estate plan:
(1) providing for and caring for a minor or disabled child;
(2)providing for or caring for a surviving spouse;
(3) transferring ownership of property and assets in accordance with your wishes;
(4) avoiding probate;
(5) transferring closely held business interests
(6) transferring ownership of property in another state;
(7) charitable giving; and
(8) avoiding taxes.
These are some of the reasons you should consider to plan your estate. Everyone has their own objectives, but the size or value of your estate is not the only reason to plan.