Can You Spot the “Simple” Estate?
As an estate planning attorney, I often hear some version of this:
“My situation is pretty simple. I don’t have a huge estate, so I probably don’t need anything complicated.”
It’s an understandable assumption. But the size of your estate is only one part of the planning equation.
An estate can be financially modest and still require thoughtful planning—especially when you have specific wishes about when, how, or under what circumstances your beneficiaries should receive their inheritance.
A Straightforward Example
Suppose you have $50,000 in a bank account and you want that money to go to your daughter. At first glance, that sounds simple enough.
- But what if you don’t want her to receive the money outright when she turns 18?
- What if you want her to receive it only after she turns 25 and graduates from college?
Now the question isn’t simply who should receive the money. It’s also when and how.
A basic beneficiary designation or will may not accomplish those wishes in the way you intend. A trust, however, can provide instructions for how the money should be managed and distributed after your death.
The Real Purpose of Estate Planning
And that is an important distinction: estate planning isn’t just about how much you own. It’s about what you want to happen to what you own.
- You might have $10 million in assets and relatively straightforward wishes.
- Or you might have $50,000 and very specific instructions for how that money should be used.
The dollar amount doesn’t tell the whole story.
If you have:
- Minor children
- Beneficiaries who need additional support
- Concerns about how an inheritance will be used
- Specific wishes about when and how your beneficiaries receive their inheritance
...it’s worth taking a closer look at whether a trust or other planning tool makes sense for you.
“Simple” is not always as simple as it sounds.
Take the Next Step
Not sure what kind of estate plan makes sense for your family? We can help.
Start with a Peace of Mind Planning Session. We’ll answer your questions, explain your options, and walk you through our process and flat-fee pricing so you can make an informed decision about your plan. You can book one directly via the link or scheduling tool below:
https://calendly.com/marissapetilloestateplanning/peaceofmindplanningsession
