Why is Estate Planning So Important?
When people think about future plans, retirement often comes to mind. But what happens after that? Specifically, what will happen after you die?
Many people don’t have any plan in place because they wrongfully assume you need to be a millionaire to need a will or trust. But the truth is that estate planning is important for everyone. It doesn’t matter how many assets you have or what you plan to do with them after you die. You should work with a lawyer to get all your ducks in a row, so to speak, to make things easier on your family in the event of your death.
You probably have more possessions than you think. You may be thinking about solely your checking and savings accounts, but you may also have a home or other real estate, as well as vehicles, collectible items, heirlooms, furniture, investments, life insurance, and other possessions of value. Here are some reasons why estate planning is so important.
If you have young children, you will want to make sure they are protected when you die. This means naming guardians for them in the event of your death. Without a will in place, the courts will decide who will care for your children — and it may not be someone you approve of. So, start having conversations now with siblings, parents, close family friends, or other people you would like to name as guardians if you were to die before your children become adults.
With an estate plan, you can designate who will receive your assets after you’re gone. If you don’t have a will or trust in place, the courts will decide who gets your home, vehicle, baseball card collection, and other assets. While these assets will typically automatically go to your spouse if you are married, you may not want everything to go to them, especially if you have children from a previous relationship. You need to protect beneficiaries, or else things will get ugly.
Reduce Family Drama
Speaking of things getting ugly, nasty battles tend to happen after someone dies. After all, money brings out the worst in people. Without some sort of estate plan in place, your family will be fighting over your assets, causing significant drama, and requiring time in court.
You can avoid all this by having a will or trust in place. You can choose how your assets will be distributed so nobody argues that they deserve more than someone else. You can also decide who will be the executor of your estate or who will manage your finances if you become incapacitated. That way, you can stop fights before they start,
Contact Our Pearland Estate Planning Lawyer Today
Everyone should have an estate plan in place, even those with few assets. Avoid arguments after your death.
Estate planning can seem like a daunting task. Pearland estate planning lawyer John Powell III, P.C., has more than 20 years of experience helping Texas residents make the right decisions about their futures. To learn more, schedule a consultation by calling (281) 747-6346 or filling out the online form.