Why Now Is the Time for Everyone—even Non-Wealthy Families—to Draft a Will and Consider a Trust

When most people think about estate planning, they picture high-net-worth families, sprawling estates, and complicated legal structures. But the truth is: estate planning isn’t about how much money you have. It’s about protecting the people you love.

A recent Investopedia survey revealed that while over 80% of Americans know the importance of having a will, fewer than one-third actually have one. That leaves millions of families—especially those of modest means—exposed to confusion, conflict, and financial stress when tragedy strikes.

At Lucem Financial, we believe estate planning is for every family. Whether you own a home, have children, or simply want your final wishes respected, putting a plan in place brings peace of mind today and protection for tomorrow.

The Numbers Behind the Risk

• Only 31% of Americans have a will or estate plan.
  
  

• For adults under age 35, that number drops to just 20%.
  
  

• Even among households earning under $50,000 annually, the misconception that “estate planning isn’t for us” persists.
  
  

But here’s the reality: even families with modest assets face the same courts, delays, and costs as wealthier households—sometimes with more devastating effects because they can least afford the financial and emotional toll.

Imagine a young couple with two children, a modest home, and a retirement account. Without a will or trust, their assets could be frozen in probate court. Even worse, guardianship of their children could be left to the court’s discretion rather than their chosen loved ones.

Why Families Put It Off

So, if the benefits are so clear, why do so many families avoid estate planning? Common reasons include:

• “Only the wealthy need wills.” Not true—estate planning is about people, not money.
  
  

• Discomfort. Talking about death or money feels uncomfortable.
  
  

• Procrastination. Families assume they’ll have time “later.”
  
  

• Cost concerns. Many believe planning is too expensive, when in fact modern tools make it affordable.
  
  

The truth? Not planning is far more expensive than planning.

Wills vs. Trusts: Why Both Matter

A will is the foundation of an estate plan. It states who inherits your property, who cares for your minor children, and how your final affairs should be handled. But wills alone don’t avoid probate—a court process that can take months or even years, drain thousands in fees, and become a public record of your family’s private matters.

That’s where a revocable living trust comes in:

• Avoid Probate. Assets placed in a trust bypass the court process entirely, meaning faster, smoother transfer to loved ones.
  
  

• Protect Privacy. Unlike probate, trusts keep your family’s financial affairs out of public record.
  
  

• Provide Control. A trust can include specific instructions—for example, releasing funds to children at certain ages instead of all at once.
  
  

• Plan for Incapacity. If you become ill or unable to manage your finances, your successor trustee can step in immediately without court approval.
  
  

For many families, a combination of a simple will + a trust offers the best balance of affordability, clarity, and protection.

What’s at Stake Without a Plan

Without a will or trust:

• Probate freezes assets, delaying access when your family may need it most.
  
  

• Courts decide guardianship of your minor children—not you.
  
  

• Family conflict can escalate, as loved ones guess your wishes.
  
  

• Costs skyrocket, with legal fees eating into what you hoped to leave behind.
  
  

In short: doing nothing doesn’t spare your family stress. It multiplies it.

Practical Steps Families Can Take Now

At Lucem Financial, we make estate planning simple and approachable. Here’s where to start:

1. Draft a Basic Will
   Even a simple will can name guardians for children and outline how assets are distributed.
   
   

2. Consider a Trust
   A revocable living trust helps families of all income levels avoid probate, reduce costs, and maintain privacy.
   
   

3. Update Beneficiaries
   Retirement accounts, life insurance, and bank accounts often allow you to name beneficiaries directly. This ensures those funds transfer quickly without probate.
   
   

4. Plan Beyond Death
   Create powers of attorney and healthcare directives so trusted loved ones can step in if you’re incapacitated.
   
   

5. Review Regularly
   Life changes—new children, home purchases, or divorces—should always trigger an estate plan update.

Estate Planning Is an Act of Love

Estate planning isn’t about preparing for death. It’s about living with peace of mind, knowing your loved ones are protected and your wishes will be honored.

At Lucem Financial, we guide families step by step to:

• Understand wills, trusts, and probate in plain language.
  
  

• Choose the right tools for their unique situation.
  
  

• Put a plan in place that reduces stress, conflict, and cost.

👉 The Bottom Line: You don’t have to be wealthy to need a will or trust. You just have to care about your family.

If you’ve been putting this off, now is the time to take action. Whether you start small with a will, or take the next step with a trust, every move forward creates more security for your loved ones.

📞 Ready to protect what matters most? Contact Lucem Financial today to learn how we can help you build a plan that avoids probate, preserves your legacy, and gives your family peace of mind.