When you hear the term “estate plan,” it’s easy to picture billionaires dividing up beach houses and stock portfolios. But here’s the truth: estate planning isn’t about how much you have—it’s about protecting what matters most. Whether you’re single or married, a recent college grad or a retiree, you need an estate plan.
Estate Planning Is for Everyone, Not Just the Wealthy
Contrary to popular belief, estate planning is not reserved for the rich. It’s about making legal decisions today that protect you and your loved ones tomorrow. This includes designating who will make medical or financial decisions if you can’t, who will care for your children, and how your assets—whatever they are—will be distributed.
Even if you don’t own a home or have a six-figure savings account, you still likely have:
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A bank account
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A car
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Sentimental possessions
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Digital assets (like social media or online banking)
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Dependents
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Health care preferences
Without an estate plan, the state—not you—decides what happens next.
Key Documents Everyone Should Have
Here are a few essentials in any basic estate plan:
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Last Will and Testament – Decide who inherits your assets and who will care for minor children.
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Financial Power of Attorney – Appoint someone to manage your money if you’re unable to.
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Medical Power of Attorney – Name someone to make healthcare decisions on your behalf.
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HIPAA Authorization – Let your loved ones access important medical info in an emergency.
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Advance Directive – Outline your wishes for end-of-life care.
These documents aren’t just for emergencies—they provide clarity, reduce conflict, and bring peace of mind.
Why It’s Especially Important for Parents and Young Adults
If you have children, an estate plan allows you to name a guardian—something the courts would decide without your input.
And for those sending a child off to college, once they turn 18, you no longer have automatic legal rights to make decisions for them or access their medical information. That’s why we created our Legal Adulting 101 Online Course to walk parents and students through the exact documents they need.
Save Money, Avoid Probate, and Reduce Family Conflict
Estate planning can actually save your loved ones time, money, and emotional stress. Probate (the court process of handling a person’s estate) is expensive and time-consuming. With a solid estate plan, you can reduce—or even avoid—this process entirely.
It also helps avoid family conflict, which unfortunately is common when no clear plan is in place.
Not Sure Where to Start?
We’ve made it easy. Check out our affordable Estate Planning Templates & Resources in our Stan Store. These include step-by-step guides and fillable forms designed for real families—not billionaires.
You can also hear more practical legal tips on our podcast, Divorce Diaries: Lessons from the Trenches. While focused on divorce and mediation, many episodes also cover estate planning and protecting your future.
Final Thoughts
Everyone needs an estate plan. Not because of what you own, but because of who you love and what you value. Estate planning is about control, protection, and peace of mind—no matter your net worth.
If you’re ready to get started schedule a consultation with Jacobson Family Law today.
