There is a mistaken belief that estate planning is something that is only important or useful for wealthy people and older people. In reality, every adult should have a should a comprehensive estate plan in place. Indeed, you are never too young to consider estate planning. It is not about your net worth, it is about putting the proper structure in place to protect yourself and to protect the people you care about.
Another misconception is that estate planning has to be complicated. It does not. To be sure, there are certainly people who have complicated estates. That being said, for many people, an experienced estate planning lawyer can help you take a few simple steps that will provide true security and stability for you and your family.
Four Reasons You Should Have an Estate Plan
- Protect Yourself in Case of Disability or Incapacitation
To start, your estate plan should protect you if you become incapacitated. With a properly constructed estate plan, your trusted loved ones will have the legal tools that they need to protect your rights and your interests. Among other things, you may want to set up financial powers of attorney or medical powers of attorney. In addition, if you have specific desires regarding your own healthcare, it may be advisable to put an advance medical directive into place.
- Provide Protection for Children and Dependents
If you have young children or dependents, estate planning is essential. You need to make sure that your children are protected — no matter what might happen. It is recommended that you name a guardian for your child. Even if you are married, it is important to address this issue in case something happens to both you and your spouse. Of course, for parents, there is also a financial planning aspect to protecting their children. You may want to set money aside in a trust or purchase life insurance to make sure that your child is adequately cared for.
- Control What Happens to Your Assets
If you want to have control over what happens to your assets — your money, your investments, your home, your property, your pets, and your sentimental items — you should address this in your estate plan. For some people, writing a will is sufficient. For other people, it may be better to create a trust that will make distributions to your beneficiaries. Regardless, you need to put the right structure in place to meet your objectives.
- Reduce Conflict Between Your Loved Ones
Finally, one of the most important, but often overlooked, goals of estate planning is working to put a plan in place that will reduce confusion, stress, and potential conflict for family members and your loved ones. Without a well-crafted estate plan, it is easy for disputes to arise. As reported by Forbes Magazine, disputes between siblings are especially common and pernicious.
Unfortunately, it is not unheard of for close family relationships to get damaged, even destroyed through a multi-year lawsuit over an estate or inheritance. No one wants to leave a mess behind for their loved ones. Effective estate planning will ensure a smooth, efficient process for everyone involved.
Estate Planning is Flexible — You Can Always Make Changes
If you are starting to consider estate planning, one of the worries that you might have is about locking yourself into place. While this is an entirely understandable concern, it is also not something that you need to worry about. Estate planning is fundamentally a flexible process. Our dedicated San Antonio estate planning attorneys always work with our clients to make sure that their estate plan is updated to suit their current needs. We always take the time to learn about our clients, listen to their story, and understanding their unique needs and objectives. Life will change — and when it does, we will be ready to update your estate plan accordingly.
Get Help From Our San Antonio, TX Estate Planning Attorneys Today
At Weisinger Law Firm, PLLC, our Texas estate planning lawyers are dedicated to helping people achieve real peace, security, and stability through careful planning. In developing an estate plan, we will take the time to get to know you, your needs, and your goals.
To arrange a completely confidential review of your case, please do not hesitate to contact our law firm today. From our office in Selma, we represent clients in San Antonio and throughout the surrounding communities in Bexar County, Comal County, and Guadalupe County.