Over the years, I have seen that many people have preconceived notions about estate planning—and why they don’t necessarily need a plan of their own. In this and future articles, I will address some of the most common misconceptions I have heard, and explain why having an estate plan of your own is important for just about every individual or family.

Perhaps the most common myth about estate planning is that it is only necessary for the wealthiest families. Maybe this stems from the word “estate” itself. When we think of estates, we tend to envision mansions spreading over hundreds of manicured acres, with names like Rockefeller, Vanderbilt or Kennedy hosting garden parties celebrating a grandchild’s graduation from Oxford or a major business coup.

Yet estate planning can be every bit as important for people of modest means as it is for our wealthiest and most storied families. This is because estate planning is about much more than passing great wealth on to future generations or endowing charities and public institutions, although that of course is one aspect of the practice area.

For many individuals and families, estate planning is about preparing to cope with the high costs of long-term health care, or finding ways to pay for it in a crisis situation; passing the wisdom and values honed over the course of a lifetime on to the people we care about most; providing for loved ones who may not be able to provide for themselves, such as minors, children of special needs, beloved pets and many more; protecting hard-earned assets against creditors, predators, ex-spouses or even the poor decisions of our loved ones themselves—for instance, if they are too immature to handle an inheritance on their own or suffer from alcohol or drug dependency.

In fact, effective estate planning can even help the elderly qualify for health care assistance from Medicaid without “spending down” all their assets, thereby enabling them to pass a modest inheritance on to their loved ones rather than a nursing home. The fact is this: almost everyone can benefit from having a customized plan prepared by an attorney who specializes in estate planning.Co