People sometimes ask what the minimum amount of assets is needed to start estate planning. The answer is zero – the idea that there is some minimum amount of assets is a myth.
No minimum dollar value is required, because estate planning is about the people who are close to you, and about planning for ways to build a happy life and a legacy. It is about identifying tools that are available, and putting them to work for you.
Keep in mind that everyone has at least a minimal estate plan, because state law provides certain basic defaults when a plan isn’t in place. They are a one-size-fits-all approach imposed upon those who do not act.
But those defaults are designed without regard to maximizing your legacy. Or to the strength of your family. Or to minimizing avoidable risks. To get those benefits, you have to put your own plan in place.
It is often said that the most important investment one can make is in yourself. Estate planning is an investment in growth and stability, and its cost becomes insignificant over time. And like most other investments, it begins with the commitment to take action.