There was a survey by RocketLawer.com indicated stats about the American citizens that almost fifty percent of people with children don’t have any will plan. Do you guess what is further alarming? Almost 41 percent of baby boomers don’t have any will. There are further reasons suggested in the survey, among which the top ones are procrastination, the people didn’t show the desire to have one, and another group of people suggests it is because of the costs involved. If you are among these same people, then this brief guide will reveal to you the importance of estate planning in Texas.
What Exactly Is Estate Planning
According to one of the famous magazines, Money magazine, estate planning is the idea that how your assets are going to be distributed after your death. It may also include such a state that you are unable to make your own financial decisions. There are several elements of estate planning in Texas, such as a will, an assignment of power of attorney, a living will, a health care proxy, and a trust.
It isn’t just for retirees, though as individuals get older, they tend to think about it more. Unfortunately, we can’t foresee how long we’ll live, because accidents and illnesses strike individuals of all ages.
People who have earned wealth may think more about how to protect it, but estate planning is not just for the wealthy. Because the loss of time and money as a result of inadequate estate planning is more damaging, good estate planning is generally more significant for families with modest holdings.
Reasons For Having Estate Planning for Yourself
It is essential to have at least a basic estate plan. It doesn’t matter what your net worth is. You can have the following benefits of having estate planning for yourself.
- You will be the one to decide who should possess your assets after you die.
- Your wishes are going to be legally binding
- You can arrange it in a way that your taxes are siphoned as little as possible from your estate
- You gain peace of mind because now your financial matters are now in order. This means you don’t need to pass on expensive administrative nightmares to your beloveds.
- You are also able to appoint a legal guardian for your minors in case of your terminal illness or even death.
- Advanced Medical Directives because a living will is a kind of advanced directive that will come into effect.
In case you die without a will, then it is the State who is going to decide how to distribute your assets. Moreover, once you have written your will, then, later on, you can review it as well. There can be different unexpected situations like your divorce or a new child. Probably you will move to a different place, and there might be new rules and conditions for you to follow.
If you are still without any estate planning in Texas, you can contact a lawyer right away. You can even go to any resource online to make way easily.