And the answer is yes, you do need to do estate planning for yourself. Even if you came through the bankruptcy and you don’t have significant assets, or you don’t have the assets that you once did, it is still important to do estate planning.
The reason for this is twofold. First, if you don’t have the same level of assets that you once did before the bankruptcy, that is just the state of affairs today. You will continue to acquire assets over your lifetime and you need to make decisions about how those assets will be distributed if something happens to you.
The second reason has to do with the potential for incapacity. If something happens to you where you cannot make financial or health care decisions for yourself anymore, you will want to appoint someone to make those decisions for you.
And so you are planning for the future and planning for future assets that you will acquire, as well as planning for a potential for incapacity.
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