One of the biggest misconceptions we encounter every day is this: “I don’t need an estate plan — I’m not wealthy enough.”

It’s one of the most common myths in personal finance, and it could end up costing your family dearly.

The truth is: almost everyone needs some form of estate plan.

Here’s why:

If you have minor children, an estate plan is the only legal way to designate who you want to raise them if something happens to you. Without one, a judge makes that decision — not you.

If you own a home, have a bank account, or carry a life insurance policy, your family will likely end up in court trying to access those assets without an estate plan in place. The probate process can be lengthy, expensive, and emotionally draining at an already difficult time.

If you became incapacitated tomorrow — unable to make healthcare or financial decisions for yourself — who would step in? An estate plan includes powers of attorney that allow a trusted person to act on your behalf without going to court.

So how much wealth do you need to have an estate plan? None. There is no minimum. Estate planning isn’t about how much you have — it’s about making sure the people you love are protected and that your wishes are honored without putting your family through unnecessary legal processes.

At Schowengerdt Law, we work with families across Kansas and Missouri at every stage of life and every level of wealth. If you have questions about whether an estate plan is right for you, we’d love to be a resource. Schedule a complimentary consultation at djslaw.us.