It can be an unsettling feeling to think about the end of your life. However, soon or later, death is inevitable, and when your time comes, knowing that you have a plan in place to provide for your loved ones and the management of your estate can provide peace of mind. If you are wondering when you should sit down to create your estate plan, or what the benefits are of doing so, our lawyers can help.
Anyone who has assets, property, a spouse, children, a business, or/and specific wishes for their estate should create an estate plan. This advice is not limited to millionaires or those who are elderly; young persons, low- and middle-income earners, and parents and non-parents alike should think seriously about creating an estate plan if they do not want their estate subject to intestacy laws in the event of their death.
There are numerous different elements of an estate plan - which ones are most appropriate for you is something you should discuss with your attorney. An estate plan commonly includes a will/last will and testament, living will/advance directive to Physicians, power(s) of attorney (for both financial & medical decisions), and potentially, some type of trust or included trust provision in your Will.
There is no bad time to create an estate plan. In fact, if you do not have an estate plan and would like one, our law firm recommends creating one as soon as possible. This is true even if you are not elderly and are not ill or nearing death; as tragic as it is, an unexpected and fatal accident could happen at any time. Knowing that you have an estate plan in place will leave you feeling prepared for the unexpected.
Yes. One of the best things about creating an estate plan now, even if you do not feel like you are close to death or think that your estate and finances will change over the years, is that your estate plan does not have to be permanent. It is recommended and encouraged that you update your estate plan as your circumstances change and your life evolves - having children, a death in the family, acquiring more property or wealth, and other changes are all reasons to amend your estate plan.
The right time to sit down and discuss your estate and your plans for it is right now. At the law office of John Powell III, P.C., our experienced estate planning attorneys know that talking about your estate and plans for your property after your death can be sensitive; we handle your estate planning matter delicately and tactfully, always listening to your wishes and putting your needs first.
To start the process of creating an estate plan , please call our law firm today or send us a message. We have more than two decades of experience assisting clients throughout Texas.