It's not just wealthy people who need an estate plan. In fact, everyone should have a basic estate plan with these elements:
1. Will. This may determine who will inherit your home and other assets, and who will serve as the guardian of your minor children.
2. Health care proxy. It lets you designate the person you want to make medical decisions on your behalf if you are unable to.
3. Durable power of attorney. This provides person of your choice the authority to handle your financial affairs while you are living.
Without these documents, your estate plan will likely be incomplete and may not reflect your true desires. You should visit with your estate planning attorney to review all of your estate planning documents any time your family situation changes, you move to another state, your financial situation changes significantly, your intentions change or the laws change.
You might also want to consider establishing a trust. Trusts allow you to establish conditions on how and when your assets will be distributed after your death. They also can help you reduce estate and gift taxes and allow you to distribute assets to heirs without probate court.