Why Estate Planning Is Really So Important

In this article, you can discover…

• Why estate planning is important, and what it involves
• How to provide for minor children in your estate plans
• Why a reliable estate attorney is the best option in the State of Texas

What Is Estate Planning?

Estate planning is the process of making legal arrangements for your loved ones, money, land, and property after you’ve died. Estate planning helps make it legally clear who should get what, how final debts should be paid off, and makes sure that your final wishes are respected and carried out.

Estate planning can also include clarifying your personal healthcare wishes towards the end of life (such as whether or not CPR should be performed or organs should be donated). Effective estate planning also helps minimize confusion, stress, and conflict among loved ones once you’ve passed away.

What Happens When Somebody Dies In Texas Without A Will?

If you don’t have a will and other important documents in place, it will be very difficult for family members to sort out what you would have wanted. Dividing assets with no clear instructions can easily turn into a painful family squabble that ruins relationships.

It’s also possible for the Texas court system to take over if you left no will, and your estate was very valuable. This means that your money and goods will be redistributed by the State, and this may not reflect what you would have actually wanted.

The best option for you, your family, and your assets is to speak sooner rather than later with a knowledgeable estate attorney, and make sure that your wishes for each family member, asset, and resource are clearly spelled out, leaving no room for guess work or confusion.

Does Estate Planning Have Benefits During Your Lifetime?

Yes, and anticipating such an event is an important part of estate planning. Should you become incapacitated through illness or an accident, it’s important to have a person legally designated as your power of attorney. This allows them to speak for you, carry out your medical wishes, and make sure that you’re cared for if you can no longer care for yourself.

Without a medical power of attorney in place, the expensive and complicated process of designating guardianship through the State of Texas is often the only other option. As a result, it’s far better to have legal arrangements in place ahead of time so that your wishes (instead of those of a third party) are honored.

What Plans Can I Make For My Minor Children In The Event That I Become Incapacitated?

Should you pass away or become incapacitated while your children are still minors or dependents, it’s important to have a trust set up designating who will legally take care of and provide for them until they reach 18.

This trust will spell out your wishes clearly and will only go into effect should you, your spouse, or both of you pass away. Should both of you survive beyond your children turning 18, the trust won’t activate, and other estate plans would then apply.

Hopefully, your family won’t need this document to kick in at all! Still, it’s an excellent idea for you to plan for the possible event of your children needing support and financial help before they become adults.

What Benefits Does Hiring An Estate Attorney Have Over Acting As My Own Attorney?

Trying to estate plan without a lawyer can be far more difficult than many people realize. It’s not simply a matter of typing out a document and signing it; paperwork must be properly drafted and worded. It also needs to be filed within certain time limits, must be filed with the correct court, and must be legally recognized in Texas as a valid legal document.

Texas State government code also requires a complex legal process to approve you or any adult to act as a guardian to a minor child, trust, or estate. Navigating that process without an estate attorney is unlikely to end successfully.

Finally, one of the toughest and most nuanced aspects of estate law is determining where land should go, how it needs to be divided, and ensuring that your valuables don’t get tied up in probate. Avoiding pitfalls and delays necessitates astute and qualified legal guidance to make sure that your heirs are provided for quickly and that all legal deadlines are met.

For more information on the Need For Estate Planning In Texas, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (979) 300-6771 today.