Do you need an estate plan if your income is low?

On Behalf of | May 9, 2022 | Estate And Probate Law |

Traditionally, estate planning was viewed as something that only applied to wealthy individuals. However, there is a lot more to estate planning than money. With the appropriate documents, you can set in motion provisions that ensure your family is protected and your legacy is maintained.  

As a low-income worker, estate planning may be the last thing on your mind. Outlined below are some reasons why you may want to give it a second thought.

Your children can be protected

While you may not have acquired a vast array of assets, you care deeply for your children and they want for nothing. This is something that you probably wish to continue if something happens to you. An estate plan can ensure that your children obtain whatever assets and savings you have accumulated over the years. Crucially, you will also be able to choose a legal guardian for them. This means that even if something happens to you, you can be safe in the knowledge that your children will have the proper care. 

Important assets aren’t always expensive 

The sentimental value of assets shouldn’t be underestimated. Perhaps you have acquired books, medals and other heirlooms that have been passed from generation to generation. These items may not be worth a lot in terms of money, but they are priceless when considering history and sentimentality. An estate plan can ensure that your legacy and that of your ancestors can live on with future generations. 

Life rarely remains static and you want your estate plan to reflect this. As you plan for the future, make sure you have a firm grasp of your legal rights in Pennsylvania.