Even if you’re not wealthy, you have an estate and need a plan. An estate is everything you own when you die, including your home, personal property, investments, bank accounts, retirement plans and any interests in a business or partnership. If you don’t have a will or living trust indicating who should get those assets, state law determines it for you.
In order to control the distribution of your assets at your death (and for many other reasons) you should create a comprehensive estate plan. The type of plan you create can depend on many factors, including the types of assets you own, the beneficiaries you want to designate, i.e. are they minors, addicts, special needs, etc., whether you are inclined to make charitable donations and more.