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Advantages of creating an estate plan

On Behalf of | Jan 4, 2021 | Estate Planning |

Some people in Texas may assume that they do not need to create an estate plan because they have few assets. Others may simply procrastinate on creating a plan without recognizing the urgency of the task. Making an estate plan is important for both you and your beneficiaries.

Helping loved ones

Even if your only assets are a bank account with a few hundred dollars in it, a car and some old furniture, writing down your wishes in a will can reduce the likelihood of doubt or conflict over what you wanted to happen to these possessions. Without an estate plan, the state will decide how assets are divided, and this may be contrary to what you would have preferred. If you have significant assets, there could be litigation and family conflict. You can think of an estate plan as helping your loved ones avoid this additional stress.

Protect minors and other family members

You can name a guardian for your minor children in a will. Without this, potential guardians must go through a potentially stressful, long and costly court process. Your estate plan can also help ensure that if you have a complex family situation, such as children from a previous marriage and a current spouse, everyone receives some assets.

Protect yourself

Another element of estate planning is making plans in case you become incapacitated. You can appoint people to make health care and financial decisions for you if you are unable to do so.

Whether you just need a simple will and a power of attorney or a more complex estate plan, involving trusts and complicated tax-reducing strategies, an attorney may be able to help you select and prepare the right documents. This might help your loved ones understand your intentions and enable them to carry them out for you.