Meet Harry and Whitney.

They have 3 adult children – 1 together and 2 from Harry’s previous marriage. They own their home and live off their retirement and pension funds. They never considered themselves “rich enough” for an estate plan. They assumed that when something happened, everything would naturally pass to each other and then to their kids.

Here’s what actually happened:

When Harry passed, most assets transferred to Whitney automatically either through joint ownership (their home and bank accounts) or beneficiary designations (life insurance and retirement accounts). But after Whitney passed, everything went to her only biological child –  unintentionally leaving Harry’s children with nothing. 

Here’s the truth: this confusion and heartache could have been avoided with proper estate planning. We see far too often that people don’t think they need an estate plan because they “don’t have enough assets”. 

By the end of this post, you’ll know that estate planning isn’t just for the wealthy – it’s for anyone who wants to protect their loved ones from confusion and chaos. Let’s break this myth down.

Why do so many people think estate planning is just for the wealthy?

It’s easy to understand this misconception. According to a survey from Caring.com, the second most common reason people don’t plan is because they think they don’t have many assets. A simple Google search for “estate” shows several images of huge mansions. Hollywood reinforces this with dramatic “reading of the will” scenes involving millions of dollars, or rare heirlooms.

Simply put, an “estate” is any money or property owned by a person, especially upon death. It’s true that some assets allow you to make beneficiary designations, meaning you can name someone to receive it upon your death. While other assets, namely any real estate, are subject to probate. 

The Hidden Cost of Probate

Probate is the court process that takes place after someone dies, handling tasks like paying off debts, determining guardianship for minor children, and distributing what’s left to heirs. 

The hard truth is that probate is slow, stressful, and expensive.

• In Tennessee, probate typically drags on for 9-12 months, and in some cases, it can take years to settle an estate.
• In Tennessee, families spend an average of $15,000 out of their own pockets just to gain access to an estate.
• Court involvement means less privacy, more paperwork, and decisions made by a judge rather than your loved ones. 

While we do help families navigate the probate process, an estate plan helps families avoid probate headaches. 

Isn’t estate planning just about money?

Not at all. While it’s true that managing a person’s assets is a part of estate planning, it goes beyond that. Here’s what estate planning can help you accomplish: 

• Choose Trusted Decision-Makers
  • Appoint financial and medical powers of attorney so the people you trust make decisions if you can’t.
• Nominate Guardians for Minor Children
  • Without a plan, a judge decides who raises your children. With a plan, you choose the people who will love and care for them.
• Protect Your Medical Wishes
  • Document your preferences for medical treatment and end-of-life care so your family isn’t left guessing in a crisis.
• Customize Care for Unique Needs
  • Estate planning lets you provide for loved ones in special ways:
    • Support a child with special needs
    • Arrange care for an aging parent
    • Protect an heir who isn’t ready to handle money responsibly
    • Ensure children from blended families are all included

Estate planning is about being in control of these decisions, not just dollars.

What if I don’t have much to pass on?

Here’s the truth: 

• If you own a home, you’re already subject to probate.
• If you have minor children, estate planning is about protecting them.
• If you want control over your medical or financial decisions, estate planning allows you to choose what you want and who steps in.

Estate planning isn’t about how much you have – it’s about protecting what matters most.

So, do I really need an estate plan?

Yes – if you want to spare your family from stress, confusion, and expensive court battles. You’ve worked too hard to let what you have disappear due to lack of planning.

We help families every day create plans tailored to their unique needs and goals. Getting started is simple: schedule a free 15-minute Discovery Call to talk through your situation. From there, we’ll help you build a plan that protects the people you love most.