The word ‘estate’ conjures images of great wealth, which may be one of the reasons why so many people don’t develop estate plans—after all, they’re not rich, so why make the effort? In reality, however, if you have a family, you can probably benefit from estate planning, whatever your asset level.

Leaving a legacy — sounds like something only wealthy people can do, right? It can be something like making a giant bequest to a university or passing on a significant estate to your children.

Parents’ instincts to protect their children can cause them to hold back on some important truth-telling about the kind of inheritance they might expect, but that could be a big mistake.

If you were to receive a sizable inheritance, what should you do with it? This money could help you achieve some of your important financial goals , so you’ll want to think carefully about your choices.