Estate planning is misnamed, because it implies that one must have extensive assets to even consider an estate plan. That is not true.

“Everyone needs an estate plan because it is simply about control and protecting the ones that you love,” according to my friend Wendy Witt.

As she emphasized, it’s not just for the rich. It’s about creating a set of instructions so people know what to do and when if you’re not there to tell them anymore. It’s more than about money. It’s about making sure your kids are protected and cared for, making sure your wishes are carried out and yes, even keeping peace in the family she says.