The answer is YES! An estate plan is essential for all individuals regardless of wealth, property ownership, or familial status. While a Last Will and Testament can provide your loved ones with a roadmap for distributing your assets after you pass away, a good estate plan can do so much more.
As part of your estate plan, you can utilize Power of Attorney documents to appoint an individual to manage your financial affairs in the event that you become incapacitated. Additionally, a Power of Attorney appointment can be used to designate an individual to manage your healthcare decisions should you become unable to do so. Further, you can direct your loved ones on how to manage your end of life medical care through a Living Will. Establishing a plan for your end of life care ahead of time through a Living Will can relieve some of the stress your family and loved ones will experience during your final days.
So, although an estate plan can be utilized to distribute your assets by will, an estate plan can also establish who will take care of your financial and healthcare decisions when you are unable to do so, and how you wish to live out your last days.
I wish you and your family safe and happy holidays!