“The best time to plant a tree was 20 years ago. The second-best time is now.”

-Chinese Proverb

This well-known Chinese proverb serves as a simple reminder that it’s never too late to start anything—whether it’s chasing a lifelong dream, investing for retirement, or, in the case of this article, drafting your estate plan. Experts emphasize that regardless of your net worth or age, having an estate plan—at a minimum, a Last Will and Testament—should be a top priority.

I frequently share this sentiment with my financial planning clients. A common response is: “Garrett, isn’t an estate plan just for the wealthy?” It’s a valid question, and it’s crucial to understand the facts. Documenting instructions for the transfer of one’s possessions has ancient origins, some tracing back to ancient Rome. Clearly, explicitly outlining one’s final wishes has stood the test of time.

The American Bar Association defines estate planning as “a process involving the counsel of professional advisors, including your lawyer, accountant, financial planner… covering the transfer of property at death…” The core document most often associated with this process is your Will. In essence, estate planning involves setting up a plan for the management and transfer of your estate after your death, using a Will, Trust, or other legal mechanisms.

When it comes to basic estate planning, one usually starts with a Will. However, Wills are not an end-all. As with all things related to financial planning, it depends on your situation. Depending on your assets, children, and property, having a Will means there will be legal proceedings (probate) before any asset distribution. This is where having a Trust can be beneficial.

If you’ve wondered if estate planning is right for you, understand this: It’s more about your wishes and goals than about the monetary value of your assets. It also clarifies how you want your affairs handled if you are unable to manage them yourself. The bottom line is that estate planning is not just for the wealthy. Even people with modest assets need a written plan. Like many other things in life, the biggest step is simply getting started.

So, what is a Will? It’s a legal document that expresses your last wishes for the distribution of your property and other assets. Some say a Will is one of the single most important documents a person can have. Yet, many Americans delay dealing with it for various reasons. Some think they’re “too young” or “too old” to need a Will. Others believe they don’t have enough net worth to necessitate a Will.

Do you need both a Will and a Trust? It’s a valid question. There are significant differences between the two. A Trust goes into effect as soon as it is signed, whereas a Will takes effect after you pass away. Another major difference is that Wills are public records, while Trusts are private. Many choose a Trust for privacy reasons alone.

Technically, what is a Trust? Trusts come in many varieties, nearly a dozen at last count. All Trusts are legal entities with separate and distinct rights, like a person or corporation. The type of Trust you need depends on your circumstances, and consulting a professional is essential.

While there are many online resources for estate planning, it is vital to do your due diligence and find an estate planning attorney you trust. You’ve spent a lifetime accumulating your assets, so be diligent in selecting an attorney to ensure your estate transfers smoothly to your heirs. Just like engaging with a fiduciary financial advisor, the value of hiring an estate planning attorney lies in the counsel they can offer for your unique situation.

Having an estate plan gives you control over your wishes, not the courts. As a veteran attorney once told me, “If you do not have a Trust, the courts will have one for you. However, you may not like it, and by then, it will be too late.” This may not be eloquent, but it drives the message home.

In financial planning, there aren’t many guarantees. But here’s one: even if you don’t have many assets, your estate plan ensures that everyone will know your wishes. That alone is invaluable.

After developing your estate plan with your attorney, remember don’t just put it in a drawer and forget about it. As your life evolves, your estate planning documents should reflect those changes.

In summary, it is imperative to work with an experienced professional. There are many moving parts in estate planning. Life is unpredictable, but planning today ensures your tomorrow is exactly as you envision it. If this article can do one thing, I hope it encourages you to start planning now. It will make things easier for your family later.

Garrett Wheeler serves as a board member with Yacht Harbor Towers AOUO, Inc. He is a Honolulu-based fiduciary and financial advisor with SEA Financial Hawaii. Curious about which type of estate plan is right for you? Contact us today and we’ll email our quick and easy quiz to find out. Aloha!

Note: Originally published in Building Management Hawaii