You don’t need to be wealthy to need an estate plan. In fact, the more modest your means, the more important an estate plan will become for you and your loved ones. Why? Because a failure to plan (or an incomplete plan) will subject your estate to wealth loss.
Wealth loss comes at any number of stages. Wealth can be lost through long-term end-of-life care for which there has not been proper preparation; the high cost of probate (the legal process by which assets are distributed after you are gone); failure to properly transfer assets such as ISAs and other retirement benefits; and transfer taxes. Tools such as asset protection trusts, tax planning, and probate-avoidance can help minimize wealth loss and preserve as much of your estate as possible for future generations.
