You can help your relatives immensely by setting up an estate plan now, regardless of who you are. Essentially, whatever you own makes up your estate. These assets could be: Any property your own
Whatever money you have in a bank account
Stocks, bonds, and mutual funds invested through a taxable brokerage account
A Roth IRA
Your prized vinyl, stamp, coin, or art collection Having a say in how your estate is distributed is essential to your estate planning. Although it may seem daunting, saving your loved ones thousands of dollars will likely be worth the effort now.
In short, you and your family can benefit from estate planning regardless of your net worth….