Who needs estate planning?
Every adult person needs estate planning. For example, a child going off to college needs a plan for medical decisions if they’re unable to make them, maybe access to medical information in general through a HIPAA authorization form, or a durable power attorney to address financial situation if in fact your college-aged child can no longer act.
The other situation for an estate plan is an adult. Whether or not you think you have assets, you may inherit assets tomorrow and don’t have a plan for that. Because in the meantime, something happens to you. Maybe you’ve inherited assets from a mom or a dad, and then all of a sudden three months later, something happens to you and you haven’t planned for that. If you don’t have an estate plan in place, you may be transferring assets when you die to somebody you did not intend to do so.