Which of the following statements about estate planning is true?

The statement that estate planning ensures that the deceased's wishes will be respected is accurate. Estate planning involves preparing legal documents such as wills, trusts, and powers of attorney to dictate how an individual's assets and personal affairs will be handled after their death or in the event they become incapacitated. By outlining specific desires in an estate plan, individuals can direct their estate to be distributed according to their wishes, rather than leaving those decisions to be made based on default laws or assumptions. This control over the distribution and management of one's estate is crucial to ensuring that personal and family wishes are honored, thus providing peace of mind both for the individual planning their estate and their loved ones.

Other options present common misconceptions about estate planning. The notion that it is only relevant for wealthy individuals disregards the fact that everyone has assets and may have preferences for how they wish to be taken care of and how their belongings should be managed after death. Additionally, stating that estate planning is unnecessary if an individual has no dependents overlooks the importance of making decisions regarding non-dependent assets or naming executors and guardians if applicable. Lastly, while consulting a lawyer can be beneficial for creating a comprehensive estate plan, it is not strictly necessary. Individuals can utilize resources or templates to create a will;