In estate planning, which group of people typically needs estate planning?

The appropriate group of people who typically needs estate planning encompasses all individuals who require a will and an incapacity plan. Estate planning is not solely about wealth management or property ownership; it addresses a broader spectrum of needs including healthcare decisions, asset distribution, and the appointment of guardians for dependents.

All individuals, regardless of their financial status or whether they own property, can benefit from having a structured plan in place. A will ensures that an individual’s wishes are honored after death, while an incapacity plan is crucial for managing one's affairs in the event they are unable to make decisions for themselves. This can include naming a power of attorney and providing directives for medical care.

The other options suggest limitations that do not fully capture the necessity of estate planning for a wider population. Not owning property may lead some to believe that estate planning is unnecessary, but without a will, even personal belongings might not be distributed according to one’s wishes. Limiting the need to only high-net-worth individuals excludes the many who might have modest estates yet still need specific legal protections. Lastly, focusing solely on parents is also restrictive, as individuals without children still have assets and health care considerations that should be planned for. Thus, the most comprehensive and accurate answer is that all