When the topic of estate planning comes up, it’s one that is undeniably avoided. Why think about planning for something that you don’t have to worry about until later? Most people don’t want to think about the future and would rather live in the present. However, the reason it is important to figure out now rather than put it off, is the reassurance that your assets will be delegated to those whom you choose.
There are generally two types of people: the “planners” and the “fly by the seat of your pants” people. While some enjoy planning, others have more of a spontaneous nature and like to just see what happens. Estate planning probably has never even crossed their mind. But whether you believe it or not, estate planning is for everyone. No matter your age, or the amount of money you possess, you have assets in the form of your belongings, home, car, life insurance, etc. For those who like being in control, estate planning gives you the means to determine whom and when the people of your choice will receive your assets. Because there may be legal fees and court costs involved, having a knowledgeable attorney by your side will be an advantage to help guide you through the steps of ensuring your assets are delegated per your specific instruction with the least amount of taxes possible.
According to your living will, these instructions can be determined based on your situation and can always evolve over the course of your life if you wish to make changes. Your will can state your plans if you become disabled or after your passing. It can also:
- Determine guardians for minor children
- Determine who will manage your children’s inheritance
- Determine when and whom will receive specific assets of your choice
If you don’t have an estate plan that is perfectly acceptable, just know that under probate law, the state will then dictate your affairs by controlling your assets if you become disabled or unable to make those decisions. If you decide to forgo estate planning, after you pass the state will then be allowed to make those decisions for you. This can become expensive and inconvenient for your family.
Essentially, thinking about the future with estate planning in mind proves to be beneficial as it will help provide you and your family the peace of mind that your assets will be carried out according to your wishes. Overall, it will save you time and money. Whether you are interested in a living will or general estate planning, Lone Star Lawyers would be pleased to answer any of your questions about how a skillful attorney can be of assistance to you.